January 8, 2014 — 4:15 p.m. ET - 01/08/14
The major averages finished mixed on Wednesday. The Dow lost 68 points to 16462. The S&P 500 Index closed virtually unchanged at 1837. The NASDAQ advanced 12 pointsto 4165. The Fed and a positive jobs report were in focus. Minutes from the December FOMC meeting revealed the majority of policy officials agreed to start tapering the centralbanks asset purchases as they saw diminishing economic benefits from the bond-buying program. On the data front, a report from ADP showed companies boosted payrolls last month by the most since November 2012. Overall, six of the 10 S&P 500 sectors declined. Telecom was the worst performing group, led by AT&Ts 0.9% loss to $34.17. Energy stocks were also under pressureas WTI crude declined to a six-week low. Chevron lost 1.6% to $123.07. Gains in health care helped limit losses. Forest Laboratories rallied 17.8% to $69.20 after announcing it will acquire Aptalis for $2.9 billion. Financials also finished higher. Citigrouprose 1.1% to $54.76 and MetLife gained 1.4% to $54.13. NYSE Composite volume totaled more than 3.5 billion shares. On the NYSE, decliners beat advancers by 4-3 on issues and volume was even. The NASDAQ was even on issues and 7-5 positive on volume. Treasuries declined and a government auction of 10-year notes drew weaker than average demand. The 10-year note fell 14/32 to yield 2.99%. The 30-year bond lost 8/32to yield 3.90%.