The Associated PressTrader Edward Curran, center, works on the floor of the New York Stock Exchange Wednesday, July 28
NEW YORK (AP) — Investors cashed in some of their recent gains Wednesday after the Federal Reserve gave them more confirmation that the economic recovery is slowing.
The Dow Jones industrial average fell almost 40 points after the Fed released its regional survey of the economy, a report known as the “beige book.” The Fed said economic growth has been steady during the summer in Cleveland and Kansas City, but has slowed in Atlanta and Chicago. The central bank described economic activity elsewhere as modest.
The report had some sobering news about manufacturing, which had been one of the strongest parts of the economy. While manufacturing expanded in most of the Fed’s 12 regions, about half — New York, Cleveland, Kansas City, Chicago, Atlanta …
Read the original article at Oregonlive
Related Posts
Tags: Business, cash, city, Economy, finance, stock
