Stocks moved off of earlier highs as nerves spiked heading into the Federal Reserve's announcement Wednesday afternoon. The central bank is widely expected to raise rates for the first time in nearly a decade, though investors will be more interested in hints of the pace of future hikes. Crude oil supplies unexpectedly rose over the past week to an overall record high. Industrial production in November fell at its fastest pace since March 2012 as a stronger U.S. dollar and tepid international demand kept activity muted. Heartland Payment Systems (HPY) spiked after agreeing to be acquired by larger rival Global Payments (GPN). The deal is worth $4.3 billion and values Heartland at a 17% premium to yesterday's close.
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