Stocks Opened Slightly Lower ahead of Fed

U.S. stocks opened mildly lower on Wednesday, as investors looked to a policy decision from the Federal Reserve later in the day. The Dow Jones Industrial Average lately fell 17.67 points to 12,819.66. The S&P 500 shed 1.84 point to 1,356.14. The Nasdaq Composite was up 0.76 points to 2,930.52.

The Federal Reserve will probably decide today to expand Operation Twist beyond $400 billion to spur growth and buy protection against a deeper crisis in Europe, according to a Bloomberg News survey of economists.

The three parties that back Greece’s commitments to bailout creditors have agreed in principle to form a coalition government and are negotiating the final details, officials said Wednesday. The agreement follows protracted negotiations between the conservative New Democracy party, the Socialist PASOK and the smaller Democratic Left party, after a national election on Sunday. New Democracy won the vote but needs other parties to form a majority coalition.

JPMorgan Chase has sold off 65 percent to 70 percent of its losing “London Whale” position, which led to a multibillion-dollar trading loss for the bank, CNBC reported on Wednesday.

Procter & Gamble Co. on Wednesday lowered its fourth-quarter earnings and revenue forecasts. The maker of Tide detergent and Pantene shampoo said it expects adjusted fourth-quarter earnings between 75 cents and 79 cents per share, down from its previous estimate of 79 cents to 85 cents per share. Revenue is anticipated to drop 1 percent to 2 percent compared with a prior outlook for a 1 percent to 2 percent increase.

Navistar International Corp. (NYSE:NAV) said Wednesday it adopted a stockholder rights plan, or poison pill, to prevent a hostile takeover of the Lisle, Ill.-based maker of engines, military vehicles and recreational vehicles.






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