Market Hustle: Stocks Fall on More of that Fed Tapering Concerns
NEW YORK (TheStreet) -- Major U.S. stock averages were slipping Wednesday as better economic data fueled speculation the Federal Reserve could curb its stimulus program as soon as later this month.
- The S&P 500 was declining 0.47% to 1,786.64, the Dow Jones Industrial Average was off 0.39% to 15,852.46, and the Nasdaq was down 0.34% to 4,023.52.
- U.S. private employers created 215,000 jobs in November, according to payroll processor Automatic Data Processing. That beat the average economist estimate of 173,000 jobs, according to a survey of economists by Thomson Reuters.
- The U.S. trade gap dropped 5.4% to $40.6 billion in October with exports swelling to record high levels, the Commerce Department reported. The data signaled a heating up of global demand that could bolster fourth quarter U.S. growth.
- Other agenda items include new home sales for October and September at 10 a.m. and the Federal Reserve's Beige book at 2 p.m.
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