Jobs gloom and weak techs push Wall Street lower
NEW YORK (Reuters) – Stocks tumbled on Wednesday in their worst decline in about a month after a revenue warning from top chip maker Intel Corp sparked a sell-off in technology shares and tumbling oil prices hurt the energy sector.

ADP show 693,000 private sector jobs lost
U.S. private-sector firms many more jobs than expected in December, according to the ADP employment index, painting a “shockingly weak picture of the labor market.”

Fed policy makers see grim specter
Fed members say risks of depression and deflation as they mulled new approaches to monetary policy, minutes from their mid-December meeting show.

NY Fed begins purchasing mortgage securities
NEW YORK – The Federal Reserve Bank of New York said Monday it has begun purchasing mortgage-backed securities in an effort to bolster the battered housing market. The program, initially announced Nov. 25, allows the Fed to spend $500 billion to buy mortgage-backed securities guaranteed by mortgage giants Fannie Mae and Freddie Mac and another $100 billion to directly purchase mortgages held by Fannie, Freddie and theFederal Home Loan Banks. The program is aimed at driving down the price of mortgages and making home loans more available.

More cos. can tap Fed program to aid mutual funds
WASHINGTON – The Federal Reserve is allowing more companies to take part in a program aimed at bolstering the money market mutual fund industry.

Chrysler U.S. December sales drop 53%
SAN FRANCISCO (MarketWatch) — Chrysler LLC said Monday that U.S. December sales fell 53% to 89,813 vehicles from 191,423 a year ago. From a year ago, U.S. December sales of Chrysler-branded vehicles dropped 60% to 19,453 vehicles, Jeep-branded vehicles fell 48% to 23,091, and Dodge brand vehicle sales declined 52% to 47,269 vehicles.

Specialty chains see dismal December: SpendingPulse
NEW YORK (Reuters) – U.S. retailers experienced a dismal December, as a year-long recession and winter storms kept many potential shoppers at home, according to data released on Wednesday by SpendingPulse.