Stocks End Lower after Early Rise

U.S. stocks finished lower on Wednesday, as mid-afternoon selling intensified,led by losses in materials and technology sectors. The Dow Jones Industrial Average dropped 98.89 points, or 0.60%, at 16,268.99. The S&P 500 was down 13.06 points, or 0.70%, at 1,852.56. The Nasdaq Composite shed 60.69 points, or 1.43%, at 4,173.58.

The U.S. Federal Reserve on Wednesday rejected Citigroup’s planned payout to shareholders because of shortcomings found in its annual check-up of the financial health of the country’s biggest banks, the second time Citi was dealt a blow in the so-called stress tests.

A new wave of funding by technology-savvy investors into U.S. media companies is driving momentum in journalism, even as news organizations continue to face challenges, according to a report issued on Wednesday.

AOL Inc on Wednesday unveiled a new advertising platform aimed at changing the media buying process for digital advertising by becoming a one-stop shop. The new platform, dubbed One, will knit together AOL’s various ad technology offerings like its recent acquisition of Adap.TV, an electronic trading platform for video advertising.