Stocks turn lower on Wall Street as volatility continues

By DAMIAN J. TROISE and ALEX VEIGA
AP Business Writers

Stocks gave up an early rally and turned lower in afternoon trading on Wall Street Thursday as a streak of market volatility continues. The S&P 500 index fell 0.6%, the Dow Jones Industrial Average fell 0.1% and the Nasdaq fell 1.5%. Markets are still processing the latest indications from the Federal Reserve a day earlier that the central bank is increasingly concerned about inflation and plans to raise interest rates and take other steps soon to fight it. Investors were encouraged to see strong figures for U.S. economic growth, which showed the biggest climb in GDP last year since 1984.