Stocks Back on the Defensive Following Lackluster Manufacturing Data, Tech Sector Sell-Off
Wall Street has surrendered early gains after Thursday's economic data showed that the U.S. manufacturing sector was losing momentum while technology stocks were taking on significant losses. Early pressure on the Dow Jones Industrial Average accelerated into a triple-digit loss today after Richmond Fed President Jeffrey Lacker told the Wall Street Journal the robust pace of consumer spending suggests American consumers are in doubt of the Federal Reserve's "resolve" and that an October rate hike is "needed."
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.