U.S. Stocks Edge Lower, Nasdaq Snaps 8-day Win Streak -- U.S. Commentary

(RTTNews) - U.S. stocks closed lower on Wednesday, giving back early gains amid the release of minutes from the most recent Federal Reserve meeting.

The minutes showed most Fed members are determined to taper the central bank's bond-buying program despite this winter's troubling economic data.

The Nasdaq lost 34.83 points, or 0.7 percent, snapping an 8-day win streak to close at 4,272.78.

The S&P 500 was down 11.99 points, or 0.2 percent, to end at 1,828.75, ending a 3-day win streak.

The Dow fell 89.26 points, or 0.5 percent, to finish at 16,040.56.

In economic news, the Commerce Department said housing starts sank 16 percent to a seasonally adjusted annual rate of 880,000 units.

It was the largest percentage drop in three years.

U.S. producer prices rose for a second straight month in January.

Natural-gas futures rallied 11 percent to their highest settlement in more than five years.

Jewelry store chain Zale shares skyrocketed 40 percent on news that Signet (SIG) would buy the company for $21 per share in cash.

LinkedIn Corp (LNKD) shares rose 2.3 percent after ITG Investment Research increased its projected outlook for the company.

Shares of Facebook (FB) hit a new high above $69 before turning into negative territory late in the day.

Among companies reporting quarterly results after the closing bell, Tesla Motors (TSLA) was down 5 percent, Safeway Inc. (SWY) rallied for a 2 percent advance, and Marriott International (MAR) was up fractionally.

In economic news, the Commerce Department said housing starts sank 16 percent to a seasonally adjusted annual rate of 880,000 units.

It was the largest percentage drop in three years.

U.S. producer prices rose for a second straight month in January.

Natural-gas futures rallied 11 percent to their highest settlement in more than five years.

Overseas, European stocks generally finished Wednesday's session in positive territory, though the advances were limited.

France posted modest gains on the day, while the U.K. and Germany basically ended the day flat.

The EURO STOXX 50 Index gained 3.36 points, or 0.1 percent, to 3,120.80.

Data released by the U.K.'s Office for National Statistics showed that the country's jobless rate unexpectedly rose in December, the first increase in nearly a year.

Elsewhere, Asian stocks turned in a mixed performance, with Chinese shares rallying while Japanese shares succumbed to profit taking after the previous session's sharp rally.