NEW YORK (AP) -- Investors pushed blue chip stocks lower Wednesday, once again expressing their disappointment over the Federal Reserve's interest rate policy.
A published report of possible job cuts at Procter & Gamble and a bigger-than-expected rise in inflation added to the market's foul mood.
In the first hour of trading on Wall Street, the Dow Jones industrial average fell 55.79 to 9,664.79, after tumbling 238 points Tuesday and closing at a two-year low. Tuesday's drop meant the Dow lost 1,137.49 over eight sessions.
But broader market indicators were higher. The Nasdaq composite index rose 22.18 to 1,879.62, and the Standard & Poor's 500 was up 1.07 at 1,143.69.
Stocks extended the decline that began Tuesday when the Fed cut interest rates by 0.5 percentage point. Investors believed that a more aggressive 0.75 point reduction was needed to boost the slowing economy and anemic corporate profits.
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