U.S. stocks move higher in quiet trading
New York • U.S. stocks turned mostly higher in mid-morning trading Wednesday as investors waited to hear from the Federal Reserve later in the afternoon.
KEEPING SCORE: The Dow Jones industrial average rose 82 points, or 0.5 percent, to 16,211 as of 10:40 a.m. Eastern. The Standard & Poor's 500 index rose six points, or 0.3 percent, to 1,847 and the Nasdaq composite fell less than a point to 4,262.
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. The minutes will be released at 2 p.m. Eastern time. 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.
NETFLIX SLOWS: Netflix fell $2.90, or 1 percent, to $433.95. 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 $1.46, or 6 percent, to $25.27. 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 $1.18, or 3 percent, to $36.64 after the company reported earnings that easily beat analysts' estimates. The company also increased its quarterly dividend.