U.S. stocks closed mixed on Wednesday, with the Dow snapping a seven-session winning streak, as a postelection rally by financial stocks paused. The Dow Jones Industrial Average declined 54.92 points, or 0.29%, to 18,868.14. The S&P 500 shed 3.45 points, or 0.16%, to 2,176.94. The Nasdaq Composite gained 18.96 points, or 0.36%, to 5,294.58.
Cisco Systems Inc. (CSCO) issued a weak second-quarter earnings forecast. Cisco reported its fiscal first-quarter earnings fell to $2.3 billion, or 46 cents a share, from $2.4 billion, or 48 cents a share, a year earlier. Revenue totaled $12.4 billion versus $12.3 billion.
U.S. authorities are preparing to announce as soon as Thursday that JPMorgan Chase & Co. will pay about $200 million to settle allegations that it hired children of Chinese decision makers to win business, according to people familiar with the matter.
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