Yahoo Finance US stocks mixed in quiet trading
US stocks see-saw as investors wait for minutes from latest Fed meeting; Netflix falls
FILE - In this Friday, Jan. 31, 2014, file photo, traders work on the floor of the New York Stock Exchange. Shares were lackluster Wednesday Feb. 19, 2014 as investors waited for major earnings reports and took stock of a torrid start to the year for global markets. (AP Photo/Richard Drew, File)
NEW YORK (AP) -- U.S. stocks were mixed in midday trading Wednesday as investors waited to hear from the Federal Reserve later in the afternoon.
KEEPING SCORE: The Dow Jones industrial average fell two points, less than 0.1 percent, to 16,128 as of 12:15 p.m. Eastern. The Standard & Poor's 500 index lost a point, or 0.1 percent, to 1,839 and the Nasdaq composite fell 14 points, or 0.3 percent, to 4,259.
FED MINUTES: On an otherwise quiet day for corporate and economic news, investors will get a chance later Wednesday to look over minutes from the Federal Reserve's policy meeting last month. At that meeting, Fed policymakers voted to further reduce the bank's bond-buying program, which has held down long-term interest rates and helped push the stock market higher. It was also the last meeting led by former Fed Chairman Ben Bernanke. The minutes will be released at 2 p.m. Eastern time.
MORE M&A: Signet Jewelers, which owns Kay Jewelers and Jared the Galleria of Jewelry, said it is buying Zale's for $21 per share in cash. The news sent shares of both companies sharply higher. Zales jumped $5.98, or 40 percent, to $20.89 and Signet was up $13.40, or 17 percent, to $92.67. The Zales-Signet announcement is the latest in a series of brand-name deals that have been announced in the last couple weeks. On Monday, pharmaceutical giants Forest Laboratories and Actavis announced they would merge in a $25 billion deal.
"I suspect we'll see more M&A, with all the money these companies have on their balance sheets," said Ian Winer, director of trading at Wedbush Securities.
NETFLIX SLOWS: Netflix fell $4.78, or 1 percent, to $432.07. The company is reportedly in a dispute with Verizon Communications and other telecom companies over the cost of carrying Netflix's programming over their networks. Netflix is one of the biggest users of Internet bandwidth in the U.S., and it usage continues to grow as more high-definition video becomes available. Verizon and other Internet service providers want Netflix to pay more to use their network, according to The Wall Street Journal and other news outlets.
TARIFF DECISION: U.S. Steel fell $1.92, or 7 percent, to $24.83. The Commerce Department decided not to impose tariffs on South Korean steel pipe makers. The U.S. is South Korea's biggest market for steel, and imports from Korea push down steel prices in the U.S., hurting companies like U.S. Steel.
CARLYLE EARNINGS: Private equity giant the Carlyle Group rose $1.20, or 3 percent, to $36.66 after the company reported earnings that easily beat analysts' estimates. The company also increased its quarterly dividend.
