Stocks edge lower in morning tradingDecember 11, 2013 @ 7:36 am
NEW YORK (AP) - Stocks edged lower in morning trading Wednesday as investors weighed a budget deal out of Washington and the outlook for economic stimulus from the Federal Reserve.
Laboratory Corporation of America fell the most in the broader stock market. It dropped $8.21, or 8.3 percent, to $90.88 after lowering its full-year earnings forecast.
Investors are watching to see when Fed policy makers will reduce their economic stimulus now that the economy appears to be strengthening.
The Standard & Poor's 500 index fell eight points, or 0.5 percent, to 1,793. The Dow Jones industrial average dropped 68 points, or 0.4 percent to 15,903. The Nasdaq composite slipped 20 points, or 0.5 percent, to 4,040.
The S&P 500 has fallen in six of the first eight days trading days in December, leaving the index slightly lower for the month.
Among stocks making big moves, Scripps Networks Interactive jumped $4.85, or 6.6 percent, to $80.21 after the media company said late Tuesday that the board of Discovery Communications discussed a possible for it.
MasterCard rose $33.40, or 4.4 percent, to $796.90 after it announced a 10-for-1 stock split, raised its quarterly dividend and launched a $3.5 billion stock buyback
Congress reached a modest U.S. budget agreement that restores about $63 billion in across-the-board automatic spending cuts. The deal comes after lawmakers failed to reach an agreement in October. The gridlock led to parts of the government shutting down for 10 days, crimping economic growth and hurting consumer confidence.
In government bond trading, the yield on the 10-year Treasury note rose to 2.82 percent from 2.80 percent on Tuesday.
In commodities trading, the price of oil fell 52 cents, or 0.5 percent, to $98 a barrel. Gold dipped 70 cents, or 0.1 percent, to $1,260.40 an ounce.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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