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NEW YORK, Sept. 9 (Xinhua) -- U.S. stocks traded more than one percent lower in the morning session on Friday, as investors became cautious amid comments by U.S. Federal Reserve officials and concerned that the central bank might hike interest rate this month.
By noon, the Dow Jones Industrial Average shed 189.39 points, or 1.02 percent, to 18,290.52. The S&P 500 lost 25.39 points, or 1.16 percent, to 2,155.91. The Nasdaq Composite Index decreased 59.75 points, or 1.14 percent, to 5,199.73.
Boston Fed President Eric Rosengren said in a speech that low interest rates are increasing the chance of overheating the U.S. economy, according to the CNBC. Gradually tightening monetary policy is appropriate to maintaining full employment, he added.
However, Fed Governor Daniel Tarullo, also a voting member of the Fed's policymaking committee, said he wanted to see more evidence of inflation before raising rates.
The Federal Open Market Committee, the Fed's monetary policy arm, is set to meet on Sept. 20-21.
Newly-released data, including nonfarm payrolls report last week, has been in focus recently, with investors pondering over when the central bank will decide to raise interest rates.
The current expectations for a September rate hike stand at 18 percent, according to CME's FedWatch tool.
U.S. stocks ended lower on Thursday, with the Nasdaq snapping four-day winning streak, as investors mainly digested weekly jobless claims and a decision from the European Central Bank (ECB). Enditem
