Stocks cut early gains as Dow turns negative

August 06 01:45 2015

Stocks cut early gains and turned mixed in late morning trading as shares of Disney helped drag the Dow lower as the blue-chip index struggled to break a 4-day losing streak. The other major indexes rose as a weaker-than-expected ADP jobs report raised doubts that the Federal Reserve will raise interest rates at its September meeting. Investors are looking ahead to Friday’s government employment report for June and what the data will mean for the timing of a potential rate hike by the Fed.nasdaq-stock-market

The Dow Jones industrial average was down 0.1% after being up more than 100 points earlier in the session. The biggest loser of the 30 Dow components was the Walt Disney Co. (DIS), which saw its shares tumble more than 8% after reporting disappointing revenue in the second quarter and a lower outlook. The Standard & Poor’s 500 index was up 0.4% and the Nasdaq composite index gained 0.8%.

Overseas, Greek stocks fell for a third straight day as the Athens Stock Exchange was down another 2.5%. Greek banking stocks plunged, falling close to the 30% daily limit again. Other European shares were higher Wednesday. Germany’s DAX index gained 1.6% and France’s CAC 40 jumped 1.7%. Britain’s FTSE index rose 1%. In Asia, Japan’s Nikkei 225 index gained 0.5% while Hong Kong’s Hang Seng index gained 0.4%. The Shanghai Composite lost 1.7%. Stocks ended lower in lackluster trading Tuesday as shares of Apple fell further, helping to push the Dow down for a fourth straight day.