Wall Street Sell-Off Resumes as Global Worries Persist

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Wall Street opened in the red on Thursday, extending a streak of losses for the Dow to five days as investors digested a mixed bag economic and political news.

Before the open, manufacturing surveys showed criss-crossing results in the New York and Philadelphia regions while volatile auto and gasoline sales gave the retail sector a healthy boost.

As trading got underway, European markets were battered and the pound had tumbled over more Brexit turmoil in the British government.

Investors were also absorbing late Wednesday remarks from Federal Reserve Chairman Jerome Powell, who said the U.S. central bank was pleased with the state of the American economy but also aware of weakening growth in the rest of the world.

About 10 minutes into Thursday's session, the benchmark Dow Jones Industrial Average was 0.5 percent lower at 24,947.75.

The broader S&P 500 had tumbled 0.6 percent and the tech-heavy Nasdaq was 0.2 percent lower after dipping in and out of the red in choppy trade.

In recent days, early rallies have faded into sell-offs. Briefing.com analyst Patrick O'Hare said recent sessions had shown the markets frequently do not finish the day as they start it.

"For what it's worth, there won't be a rally at the open," he wrote.

Facebook had fallen 0.8 percent after several investment funds cut their stakes in the social media giant.

The trade also followed unfavorable reporting by The New York Times how top executives responded to a series of scandals.

Walmart fell 0.4 percent despite raising its annual earnings estimate and posting strong quarterly sales.

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