JPMorgan: Financial Winners & Losers
The Dow Jones Industrial Average was adding 15 points, or 0.1%, at 10,587. TheS&P 500 was up by 2 points, or 0.2%, at 1138, though the Nasdaq was declining by 2 points, or 0.1%, at 2307.
Minutes from the December meeting of the Federal Open Market Committee revealed that opinions varied over several issues behind the group's unanimous decision to leave its key rate near zero, including inflation concerns and asset purchases. Although the Fed has repeatedly said that interest rates will remain low for an extended period, investors were looking to the minutes for any indication of how soon rate hikes could come.
>>Top 5 Large-Cap Stocks to Keep Rally Going
A mix of data reports in the morning kept stocks flat for much of the day. The Institute of Supply Management's December services index came in at 50.1, which wasn't far off from economists' expectations for a reading of 50.5 and up from November's level of 48.7.
Data showing services sector growth came after an earlier ISM report showed that its manufacturing index jumped to 55.9 in December, from 53.6 in November.
But nonfarm private employment decreased 84,000 from November to December on a seasonally adjusted basis, according to the ADP National Employment Report. The estimated change of employment from October to November was revised by 24,000, from a decline of 169,000 to a decline of 145,000. Economists expected the ADP to report a decline of 75,000 jobs.
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