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Stocks Give Up Early Gain, Close Lower

Dow ends day down 162
By Newser Editors and Wire Services
Posted May 1, 2019 3:16 PM CDT
Trader Steven Kaplan works on the floor of the New York Stock Exchange, Wednesday, May 1, 2019.   (AP Photo/Richard Drew)

(Newser) – Stocks gave up some early gains and ended broadly lower after the head of the Federal Reserve appeared to play down the possibility of an interest rate cut this year, something some investors had been hoping for, the AP reports. Energy companies and retailers fell more than the rest of the market Wednesday. Exxon Mobil lost 2% and Home Depot gave up 2.4%. Safe-play stocks like utilities and real estate companies held up better. Simon Property Group jumped 2.3%. The S&P 500 fell 22 points, or 0.8%, to 2,923. The benchmark index is coming off three record high closes in a row. The Dow Jones Industrial Average fell 162 points, or 0.6%, to 26,430. The Nasdaq fell 45 points, or 0.6%, to 8,049. (Read more stock market stories.)

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