NEW YORK (AP) – Stocks fell moderately Wednesday as investors awaited minutes from the Federal Reserve’s last meeting to offer insight into where interest rates might be headed.

Investors seemed unimpressed by a plan from Citigroup Inc., the nation’s largest financial institution, in which it would eliminate about 17,000 jobs to reduce costs and improve profits.

Also, Fed Chairman Ben Bernanke is scheduled to speak Wednesday afternoon on discipline and regulation. He is also expected to touch on the mortgage industry, which is battling weakness in the subprime mortgage lending market.

In the first hour of trading, the Dow Jones industrials fell 20.64, or 0.16 percent, to 12,553.21.

Broader stock indicators also fell. The Standard & Poor’s 500 index slipped 2.51, or 0.17 percent, to 1,445.88, and the Nasdaq composite index fell 6.35, or 0.26 percent, to 2,471.26.

Bonds showed little movement. The yield on the benchmark 10-year Treasury note remained flat at 4.72 percent from late Tuesday. The dollar was mixed against other major currencies, while gold prices fell.

In corporate news, Citigroup’s plan to cut about 5 percent of its 327,000-member work force didn’t seem to go far enough for some investors. Citigroup fell 40 cents to $52.

The Russell 2000 index of smaller companies fell 2.03, or 0.25 percent, to 812.48.

Overseas, Japan’s Nikkei stock average closed up 0.03 percent. In afternoon trading, Britain’s FTSE 100 rose 0.31 percent, Germany’s DAX index rose 0.42 percent, and France’s CAC-40 rose 0.29 percent.

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