US stocks decline as jobs data triggers stimulus concern

US stocks fell, after yesterday’s rebound in benchmark indexes, as Federal Reserve minutes and better-than-estimated payrolls data fueled concern stimulus cuts may be accelerated.

The Standard & Poor’s 500 Index lost less than 0.1% to 1,837.49 at 4 p.m. in New York. The equities benchmark rose 0.6% yesterday after a three-day retreat. It climbed 30% last year, the most since 1997. The Dow Jones Industrial Average slipped 68.20 points, or 0.4%, to 16,462.74 today. Almost 7 billion shares changed hands on US exchanges, 15 percent above the three-month average.

A better-than-expected private-sector job growth was reported as Automatic Data Processing (ADP) and Moodys Analytics said December job growth increased to 238,000. That topped forecasts for gains of 200,000. The ADP report is seen as a preview of the U.S. governments job report, which is due on Friday.

“I suspect from the minutes that there might be a bias toward pulling back stimulus sooner rather than later,” Brad McMillan, chief investment officer for Waltham, Massachusetts-based Commonwealth Financial Network, said in a phone interview. “There seems to be a fairly wide consensus that stimulus should be gradually taken out.”

In Europe, the Stoxx Europe 600 edged up 0.1%, as Portuguese and Greek shares gained. Germanys DAX index fell 0.1%, Frances CAC-40 lost less than 0.1%, and the U.K.s FTSE 100 dropped 0.5%.

In Asia, Japans Nikkei Stock Average rallied 1.9%, its first gain of 2014, as exporter shares benefited from yen weakness. Chinas Shanghai Composite eased 0.1%, its fourth loss in five sessions to close at a five-month low.

In corporate front, Twitter dropped 3.5% to $59.29, increasing its slide for the week to 14%. An analyst at Cantor Fitzgerald LP downgraded the shares to sell from hold and said the company’s valuation is excessive. Twitter shares debuted in November and rallied 145 percent through the end of 2013.

Ford added 1% to $15.54. Mulally said he has no other plans except to serve the automaker. He made the comments in an Associated Press interview to end speculation that he may leave for Microsoft. Microsoft slipped 1.8 percent to $35.76.

J.C. Penney Co. lost 10% to $7.37, bringing its five-day slump to 19%. The retailer reiterated its fourth-quarter forecast and said it was proud with the holiday performance as the retailer works to rebound from two years of losses. The shares fell as the company didnt provide December sales after releasing figures the previous three months.