US stocks trade mixed amid data

New York, Nov 17 (IANS) US stocks traded mixed in the morning session on Wednesday, as investors mainly focused on newly-released data and remarks from US Federal Reserve officials.

The Dow Jones Industrial Average shed 61.94 points, or 0.33 per cent, to 18,861.12, Xinhua news agency reported.

The S&P 500 lost 4.73 points, or 0.22 per cent, to 2,175.66. The Nasdaq Composite Index gained 20.04 points, or 0.38 per cent, to 5,295.66.

On the economic front, 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.

US industrial production was unchanged in October after decreasing 0.2 per cent in September, announced the Federal Reserve.

Meanwhile, investors shifted their focus to the timing of a next interest rate hike. According to the CME Group’s FedWatch tool, market expectations for a December rate hike were 90.6 per cent.

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.

–IANS

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