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Dow falls 200 points as investors await Powell speech

The Dow Jones Industrial Average fell on Wednesday as Wall Street is walking through ponds of economic data and investors await this afternoon speech on the US economy by Fed Chair Jerome Powell. Powell will give his speech before Brookings Institute.

The Bureau of Economic Analysis reported that GDP increased at a 2.9% annual rate, in the Q3 according to its second estimate. That was revised higher from the 2.6% first estimate, showing the economy is stronger than previously thought.

The Bureau of Economic Analysis reported third-quarter GDP increased at a 2.9% annual rate, according to its second estimate. That was revised higher from the 2.6% first estimate, showing the economy is stronger than previously thought.

The 30-stock index lost 209 points, or 0.6%. The S&P 500 shed 0.3%, while the Nasdaq Composite climbed 0.2%. Traders have been busy digesting contradictory and mixed economic readings since Wednesday morning.

Payroll processing firm ADP said that the US private companies added just 127,000 positions for the month, below the expected 190,000 estimate from economists polled by Dow Jones. The reading is signaling that the job market could be cooling, raising hopes the Fed may slow its aggressive rate-hiking pace a little bit.

Jobs opening data from the Labor Department released later Wednesday showed the number of openings falling and coming in below expectations in October. But there were still more openings than available workers.

Meanwhile, pending home sales declined for the fifth consecutive month in October, according to data from the National Association of retailers.

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