Wall Street Stocks Open Lower
May. 17, 2000
NEW YORK (AP) _ Stock prices opened lower on Wednesday.
The Dow Jones Industrial Average was down 62 points in the early going. Losing issues on the New York Stock Exchange held a 3-1 lead over gainers.
The Nasdaq Composite Index was off 71 points and the Standard & Poor's 500 Stock Index was down eleven points.
Investors had a chance to sleep the idea of higher interest rates, and they decided maybe the hike isn't great for equities prices.
Stocks held onto their big gains Tuesday, even after the Federal Reserve raised short-term rates for the sixth time in a year.
But the rally failed to catch on overseas. Markets were lower across Asia and Europe.