US stocks end mixed amid data
New York, Nov 17 (IANS) US stocks closed mixed with the Dow Jones Industrial Average snapping a 7-day winning streak, as investors digested economic data and comments from US Federal Reserve officials.
The Dow Jones Industrial Average on Wednesday fell 54.92 points, or 0.29 per cent, to 18,868.14, Xinhua news agency reported.
The S&P 500 lost 3.45 points, or 0.16 per cent, to 2,176.94. The Nasdaq Composite Index added 18.96 points, or 0.36 per cent, to 5,294.58.
The Producer Price Index (PPI) for final demand was unchanged in October, seasonally adjusted, worse than market consensus of a 0.3-per cent increase, the US Labor Department reported on Wednesday.
“Wholesale prices came in largely below expectations in October, suggesting that inflation might struggle to hold onto upward momentum from rising energy costs,” said Sophia Kearney-Lederman, an economic analyst at FTN Financial, in a note.
Meanwhile, US industrial production was unchanged in October after decreasing 0.2 per cent in September, announced the Federal Reserve on Wednesday.
Investors also watched closely on the Fed officials’ remarks for more clues on the timing of a next rate hike.
Earlier on Wednesday, St. Louis Fed President James Bullard said he would be surprised if the central bank did not raise rates next month, according to the CNBC.
Boston Fed President Eric Rosengren said on Tuesday the central bank won’t be easily swayed from a December rate hike.
According to the CME Group’s FedWatch tool, market expectations for a December rate hike were 90.6 pe rcent.