Stocks dip in early trading
Stocks dipped in early trading Wednesday, following European markets lower after the French and British central banks reported slowing growth.
The Dow Jones industrial average lost 30 points, or 0.2%, to 13,138 shortly after the opening bell on Wall Street.
The broader Standard & Poor’s 500 index slid 3 points, or 0.2%, to 1,398. The Nasdaq was down 9 points, or 0.3%, to 3,007.
Shortly before U.S. markets opened, the Labor Department reported that U.S. workers’ productivity increased an annualized 1.6% in the second quarter, compared with a 0.5% decrease in the first quarter.
The Dow had been a three-day rally following a better-than-expected U.S. employment report that showed the economy added 163,000 jobs in July.
On Wednesday, the Bank of England lowered its growth forecast, while the Bank of France predicted the country was headed for a shallow recession in the third quarter, according to news reports.
ALSO:
Refinery fire could push up gas prices 30 cents a gallon
Freddie Mac posts quarterly profit, won’t need federal aid
Ben Bernanke to take teachers’ questions at town hall meeting
