Monday, 09 December 2019
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Dow skids 100 points lower at the open as stocks head south for 3rd straight day ahead of Powell testimony

U.S. stock indexes headed lower for a third day in a row to kick off Tuesday dealings, with investors awaiting guidance on monetary policy from Federal Reserve Chairman Jerome Powell starting Wednesday.

The Dow Jones Industrial Average declined 123 points, or 0.5%, at 26,682, the S&P 500 index declined 10 points, or 0.4%, at 2,965, while the Nasdaq Composite Index fell 0.4% at 8,063, down 35 points.

On Wednesday, Powell commences two days of semiannual testimony before Congress. Markets are hoping the central-bank chief will shed some light on a meeting due later this month, with investors clinging to hopes for a rate cut. In corporate news, shares of PepsiCo Inc. were rising after the maker of Quaker oatmeal and Tropicana orange juice said revenue rose 2.2% from a year ago to $16.45 billion.

Source : MarketWatch

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