Stocks drift lower on Wall Street, erasing a gain

An early gain fades on Wall Street; Dow average could have its first three-day loss this year

Associated Press
Stocks slide on Wall Street; Dow below 15,000
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In this Monday, June 10, 2013 photo, specialist Anthony Rinaldi, right, and trader Gordon Charlop work on the floor of the New York Stock Exchange. Asian stocks fell Wednesday June 12, 2013 amid concern about a lack of new Japanese moves to calm bond markets and uncertainty about the outlook for U.S. monetary policy. (AP Photo/Richard Drew)

NEW YORK (AP) -- A nearly 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 midday Wednesday. 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.

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