Fed Official's Comment Spooks Stocks
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Stocks were lower across the board in midday trading Thursday after a Federal Reserve official said it was "premature" to rule out another increase in short-term interest rates this year.
In a wire service interview Thursday, Fed Governor Edward Kelley said the board will carefully examine productivity and wage data before deciding a future course on interest rates.
Just before midday, internet.com's Internet Stock Index was off 2.45, or .51 percent, to 476.18, the Nasdaq Composite was off 19.81 to 2,730.99 and the Dow Jones industrial average had dropped 134.25 to 10,803.63. The majority of the Dow's dip was a steep drop in shares of Sears Roebuck & Co. which Thursday reported sluggish August sales.
Among sector leaders, Amazon.com (AMZN), whose shares split 2-for-1 after Wednesday's close, was up 1-5/8 to 61-3/16, America Online Inc. (AOL) had slumped 1/4 to 90-5/8 and eBay Inc. (EBAY) was off 3/16 to 121-3/4.
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