Stocks Finish Off Lows on Services Data
NEW YORK (TheStreet) -- Benchmark U.S. stock indices finished Wednesday's trading session bouncing off intraday lows as better-than-forecast services data offset mixed labor market data.
Twitter (TWTR) was plunging 13.6% to $57 in afterhours trading even after its quarterly EPS and sales results blew past estimates, amid disappointing user growth numbers. The company reported a year-over-year increase of 30% in average monthly active users to 241 million.
Automatic Data Processing on Wednesday reported that private employers added 175,000 jobs to payrolls in January, below consensus expectations of 185,000. The Labor Department reports nonfarm payrolls on Friday.
- The ISM non-manufacturing index rose to a better-than-expected 54 in January. The report's employment index increased 0.8 points to 56.4, indicating growth in employment for the 25th consecutive month and at a faster pace.
- Federal Reserve officials spoke on Wednesday. Philadelphia Fed President Charles Plosser said he wanted the central bank's pullback from its economic stimulus program to be sharper. Atlanta Fed President Dennis Lockhart said he supports continued so-called tapering.
- CBS (CBS) rose 1.92% to $58.98 on news that the broadcaster will televise eight Thursday night National Football League games for the 2014 season.
- Tableau Software (DATA) surged 12.82% to $89.61 after fourth-quarter results surpassed expectations.
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