Stocks were mostly lower in early trading Wednesday as investors held back ahead of the latest news from the Federal Reserve. The Fed releases minutes later in the afternoon from its latest policy meeting, where central bank officials voted to start reducing the Fed's extraordinary support for the U.S. economy.
KEEPING SCORE: The Dow Jones industrial average lost 63 points, or 0.4 percent, to 16,466 in the first 40 minutes of trading. The Standard & Poor's 500 index lost a point to 1,836. The Nasdaq composite index rose five points, or 0.1 percent, to 4,159.
TOUGH START: Stocks have been unable to get traction in the first few days of 2014. With Wednesday's early losses, the Dow has erased the bulk of its gain from Tuesday. The Dow and the S&P 500 are down roughly 1 percent so far this year.
JOBS, JOBS, JOBS: The big theme of the week is job news. A private survey showed U.S. businesses added the most jobs in a year in December, powered by a big gain in construction work. Payroll processor ADP said Wednesday that companies added 238,000 jobs in December, better than the 200,000 economists had predicted. The ADP data sets the stage for Friday's government jobs report. Investors expect the U.S. economy created 190,000 jobs last month and the unemployment rate remained steady at 7 percent.
FED MINUTES: Later this afternoon, investors will get the minutes from the Federal Reserve's mid-December meeting. That's when Fed officials voted to start pulling back on the bank's huge bond-buying program, which came as a surprise to many investors. Wall Street will be looking for the reasons why the Fed believed it was time to start reducing stimulus.
FORD GAINS: Ford rose 22 cents, or 1.5 percent, to $15.60 after CEO Alan Mulally said he would not leave to run Microsoft. Mulally was considered a top candidate for the position, having led the turnaround for Ford turning the financial crisis.
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