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Dow wipes out a more than 400-point opening gain to briefly turn negative in powerful reversal

Mark DeCambre

The Dow Jones Industrial Average lost steam in midday action Friday, with the blue-chip index shedding much of its intraday gain to turn momentarily negative. The Dow , most recently, was up 70 points, or 0.3% at 25,126. The index had been up by as many as 414 points, or 1.7%, at the start of trading, signaling that a powerful rebound from a two-session rout may be at hand. Meanwhile, the S&P 500 index was trading with a gain of 0.5% at 2,741, while the Nasdaq Composite Index was up 1.1%. All three benchmarks were well off their best levels of the session. Friday's action comes after the Dow shed roughly 1,400 points between Wednesday and Thursday. That sharp drop prompted by growing fears about rapidly rising interest rates has left the equity gauges in position to post their worst weekly losses since March. For the Dow, shares of Boeing Co. [s; BA], were creating a roughly 20-point headwind for the benchmark on Friday.