An early gain fades on Wall Street

Dow average could have its first three-day loss this year

6/12/2013

NEW YORK — A nearly 120-point gain on Wall Street was gone by midday, putting the stock market on track for its third loss in a row.

The Dow Jones industrial average was down 64 points, or 0.4 percent, at 15,058 shortly before noon today. The Dow was up 119 points in the first few minutes of trading, then drifted lower throughout the morning.

If the Dow closes lower, it would be the first three-day loss for the index this year.

The Standard & Poor’s 500 index fell seven points, or 0.4 percent, to 1,619.

The Nasdaq composite fell 14 points, or 0.4 percent, to 3,422.

With no major economic news or corporate earnings coming out, traders focused on when and by how much central banks will pull back their economic stimulus programs.

Findlay-based Cooper Tire & Rubber Co. was up $9.97 a share, or 40 percent, to $34.53. Cooper announced this morning it had agreed to be purchased by an Indian company for $35 a share.