Stocks Ended Little Changed

U.S. stocks finished little changed on Wednesday, after the Federal Reserve’s Beige Book offered confirmation that the harsh winter impacted the economy.  The Dow Jones Industrial Average dropped 35.70 points, or 0.22%, to 16,360.18. The S&P 500 was down 0.10 point, at 1,873.81. The Nasdaq Composite gained 6.00 points, or 0.14%, to 4,357.97.

Severe weather across much of the United States took a toll on shopping and consumer spending in recent weeks, leading to slower economic growth or outright contraction in some areas of the country, the Federal Reserve said on Wednesday.

The companies that employ roughly 80% of American workers grew more slowly in February and their workforces contracted for the first time in more than two years, according to a survey of executives. The Institute for Supply Management said its non-manufacturing index dropped to 51.6% last month from 54% in January.

Exxon Mobil Corp, the world’s largest publicly traded energy company, said on Wednesday it expects oil and natural gas production to be flat this year as overall spending falls 6 percent to about $39.8 billion.