The Dow Jones Industrial Average is losing steam in midday action Friday, with the blue-chip index shedding more than 300 points from its intraday peak. The Dow
remains in positive territory, up 63 points, or 0.3%, but it had been up by as many as 414 points, or 1.7%, at the start of trading, signaling that a powerful rebound from a two-session rout may be at hand. Meanwhile, the S&P 500 index
was trading with a gain of 0.6% at 2,745, while the Nasdaq Composite Index
was up 1.2%. All three benchmarks were well off their best levels of the session. Friday’s action comes after the Dow shed roughly 1,400 points between Wednesday and Thursday. That sharp drop prompted by growing fears about rapidly rising interest rates has left the equity gauges in position to post their worst weekly losses since March.
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