MarketWatch for Wednesday, July 16, 2014

By CBS News

Published 07/16 2014 09:26AM

Updated 07/16 2014 09:28AM

If you're keeping on top of the markets this morning,  Wednesday, July 16, 2014....

The Nikkei is down 16 points today in Tokyo.
The Dow finished up a little over 5 points.
The Nasdaq lost 24.

Early in the day, stocks dropped after Janet Yellen revealed details of the Federal Reserve's position on the recovering economy.
The Fed chair spoke before Congress - saying that the job market and stagnant wages are two of the issues that demonstrate the need for ongoing federal support.
A Fed report also commented on the possible overvaluation of smaller companies in biotechnology and social media.

A new deal could push up the price of cigarettes.
Reynolds American is planning to buy its rival Lorillard for about $25 billion.
The deal will have to be approved first- and won't go through until next year.

And Jaguar is unveiling a new, more budget friendly compact sports sedan called the XE.
The luxury automaker is releasing few details about the new car that will go on sale in the U.S. in 2016.
Jaguar says it will be aimed at younger buyers.

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