قالب وردپرس درنا توس
Home / Business / Dow wipes out 187-point gain for negative action Thursday morning amid hawkish Fed speakers, weak data

Dow wipes out 187-point gain for negative action Thursday morning amid hawkish Fed speakers, weak data



U.S. stocks stumbled to low season late in the morning Thursday, releasing earlier gains of the day amid a pair of central bank speakers at a closely monitored symposium in Jackson Hole, Wyo., And weak production data. Dow Jones industrial average

DJIA, -0.07%

was 85 points, or 0.3%, lower at 26,120 after the blue-chip index gained as many as 187 points on the session. The S&P 500 Index

SPX, -0.32%

fell 0.6% at 2.907 and Nasdaq Composite Index

COMP, -0.65%

withdrew 0.9% and suffered the most severe reversal of the major indices, reaching 7,948. A recent inversion of the so-called yield curve, where the spread between the 2-year Treasury

TMUBMUSD02Y, + 1.03%

rise over 10-year Treasury

TMUBMUSD10Y, + 0.11% ,

a state that has preceded the last seven economic downturns also plagued investor sentiment. Kansas City Fed President Esther George hinted Thursday in an interview on CNBC that she would not support further interest rate cuts and Philadelphia Fed President Patrick Harker said he reluctantly supported the interest rate cut in July, but now wants to keep rates stable. On the financial front, IHS Markit's latest purchasing manager's index reading for the US industrial sectors, Thursday released, showed that the industry fell in the contraction area with a reading of 49.9 in August, from 50.4 in July and the service sector slowed to 50.9 in August from 53 , 0 in July, a 3-month low.


Source link