Stocks fell slightly on Wednesday, as a better-than-expected report on the service sector helped neutralize another that showed companies added fewer employees to their payrolls than anticipated in January. Private employers added 175,000 jobs in January, slightly below the gain of 180,000 estimated by analysts. December's increase in jobs was revised lower to 227,000 from an initial 238,000. The report comes two days before the government's nonfarm payroll report, a gauge that includes public and private-sector employment. The Institute for Supply Management's non-manufacturing index for January came in at 54.0, showing expansion at a more rapid rate in January. The Dow Jones Industrial Average slipped to close 5 points lower, while the S&P 500 lost 3 points and the Nasdaq was 19 points lower. Federal Reserve Bank of Philadelphia President Charles Plosser said he anticipates the U.S. economy will expand 3 percent this year as the unemployment rate declines to 6.2 percent by the end of 2014, justifying a faster tapering of the central bank's monthly asset purchases. Other central banker talk Wednesday had Atlanta Fed President Dennis Lockhart labeling stocks as in correction mode, and saying the market may have gotten ahead of itself.
Trader Luke Scanlon works on the floor of the New York Stock Exchange on Wednesday. Stocks edged lower in early trading.Richard Drew / AP
