WALL STREET ROUNDUP

NEW YORK—Worries about the economy have slowed a January stock rally. After a month of impressive gains that brought the Dow within 200 points of a record, the markets have paused this week. Stocks started the day lower Wednesday after a report showed that the U.S. economy unexpectedly contracted in the fourth quarter. That decline extended after the Federal Reserve said that it would continue to try to boost growth through a bond-buying program designed to keep borrowing costs down. The Dow Jones industrial average fell 44 points, or 0.3 percent, to close at 13,910.42, logging only its second decline in nine days. The Standard & Poor’s 500 fell 6 points, or 0.4 percent, to 1,501.96, its biggest decline since Dec. 28. The Nasdaq composite fell 11 points to 3,142.31.

Still, stocks remain on track for a great January. The Dow Jones average has surged 6.2 percent since the start of the year, climbing close to 14,000 and within touching distance of its record level. The S&P 500 has gained 5.3 percent this month, close to its highest level in more than five years. Investors bought stocks after lawmakers reached a deal to avoid the “fiscal cliff” and on optimism the U.S. housing market is recovering and the jobs market is slowly healing. U.S. gross domestic product, the volume of all goods and services produced, contracted at an annual rate of 0.1 percent in the fourth quarter. That’s a sharp slowdown from the 3.1 percent growth rate in the July-September quarter. Amazon jumped $12.41, or 4.8 percent, to $272.76 after the world’s biggest online retailer showed improving profit margins when it posted fourth-quarter earnings late Tuesday. Boeing, currently scrambling to fix battery problems that have grounded its 787 Dreamliner planes, gained 94 cents, or 1.3 percent, to $74.59 after it reported earnings that beat analysts’ expectations. Rising profits from commercial jets offset a smaller profit from defense work. A private survey showed Wednesday that U.S. businesses increased hiring in January compared with a revised December reading. Payroll processor ADP said that employers added 192,000 jobs in January. Traders and investors will now turn their focus back on to company earnings and Friday’s nonfarm employment report. The yield on the 10-year Treasury note, which moves inversely to its price, fell 1 basis point to 1.99 percent.