Fed talk and economic data blamed as Dow relinquishes nearly 200-point advance
U.S. stocks stumbled to session lows late-morning Thursday, relinquishing earlier gains on the day amid a pair of central bank speakers at a closely watched symposium in Jackson Hole, Wyo., and weak manufacturing data. The Dow Jones Industrial Average DJIA, -0.08% was 85 points, or 0.3%, lower at 26,120, after the blue-chip index had gained by as many as 187 points at the session peak. The S&P 500 index SPX, -0.34% declined 0.6% at 2,907 and the Nasdaq Composite Index COMP, -0.
03% rise above the 10-year Treasury note TMUBMUSD10Y, +0.21%, a condition that has preceded the past seven economic recessions, also rattled investor sentiment. Kansas City Fed President Esther George indicated 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 July rate cut but now wants to keep rates steady.
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