U.S. markets close lower Wednesday
U.S. stock markets closed lower Wednesday, despite a gross domestic product estimate that beat expectations.
The third and final government estimate of second quarter productivity said the GDP shrank 0.7 percent, rather than the previously reported 1 percent.
Automatic Data Processing Inc. said non-farm private jobs decreased by 254,000 in the month, a smaller loss than July to August, which was revised to a decline of 277,000.
The Dow Jones industrial average crossed the break-even point several times through the day, ending down 29.92 points, 0.31 percent, to 9,712.28. The Standard & Poor’s 500 shed 0.33 percent, 3.51 points, to 1,057.08. The Nasdaq composite index dropped 0.08 percent, 1.62 points, to 2,122.42.
On the New York Stock Exchange, 1,257 stocks advanced and 1,757 declined on a volume of 5.9 billion shares traded.
The benchmark 10-year Treasury fell 4/32 to yield 3.307 percent.
The euro fell to $1.4633 from Tuesday’s $1.4572. Against the yen, the dollar fell to 89.67 yen from Tuesday’s 90.21 yen.
In Tokyo, the Nikkei 225 index gained 0.33 percent, 33.03 points, to 10,133.23.
In London, the FTSE 100 index lost 0.5 percent, 23.82 points, to 5,133.90.