U.S. stocks ended lower after a late afternoon reversal following signals from the Federal Reserve that it could change its bond investment policy this year. Roselle Chen reports.
U.S. stocks ended the day lower following signals from the Federal Reserve that it could change its bond investment policy this year. Earlier in the day, Wall Street rallied on positive private-sector employment data. The report by payrolls processor ADP showed that U.S. companies added 263,000 workers in March. It's the biggest gain since December 2014, well above economists' expectations. That data comes ahead of the government jobs report on Friday, which includes hiring in both, the public and private sectors. Eric Wiegand, senior portfolio manager at U.S. Bank (SOUNDBITE) ERIC WIEGAND, SENIOR PORTFOLIO MANAGER, U.S. BANK, (ENGLISH) SAYING: "Expectations are mounting. What will also be highly scrutinized would be the average hourly earnings in the workweek that's released, as well as far as giving further evidence to the progress that the central bank is making towards its dual mandate." Investors will turn their focus to a meeting between U.S. President Donald Trump and Chinese President Xi Jinping that starts on Thursday. Trump said he expects it to be a "very difficult one." On the trading floor... Shares of Panera Bread jumped after JAB Holdings said it would buy the bakery chain for $7.2 billion. European shares ended flat as gains in commodity stocks were offset by weaker autos.