Wall Street ends lower on disappointing economic data
The US markets ended on modest losses after a choppy session. Disappointing economic news halted the market rally.
January 14, 2011 / 08:46 IST
The US markets ended on modest losses after a choppy session. Disappointing economic news halted the market rally.
Dow Jones Industrial Average was down 0.20% or 23.54 points at 11731.9. Nasdaq Composite was down 0.07% or 2.04 points at 2735.29. Standard & Poor's 500 was down 0.17% or 2.2 points at 1283.76.In economic data, US jobless claims jumped to their highest levels since October. Claims totaled 445,000, which is more than the 415,000 expectation.The producer price index for December climbed a sharper-than-expected 1.1%, but core producer prices increased 0.2%, as had been expected.The November trade deficit received less attention. It totaled $38.3 billion, which is only slightly changed from the prior month. Intel's revenue and margin forecasts beat expectations on healthy technology spending, defying worries about the company's future prospects. The chipmaker market reported a 48% jump in profits on revenues of 11.46 billion dollars. Intel said strong sales gains would continue this quarter.In the economic data to watch, the US consumer price index for December is expected at 0.4%. November figures came at 0.1%. Retail sales for December are expected to remain unchanged at 0.8%. Industrial production for December is expected to come at 0.5% compared to 0.4% in November.In the currency space, the Euro rose the most against the dollar in six months and further gains were expected in the near-term following solid Spanish and Portuguese debt auctions and after the head of the European central bank expressed concerns about inflation. The dollar index slipped below the 80 mark.In commodities, oil slipped as markets weighed disappointing US jobless claims data and the prospect OPEC would raise output should prices break above USD 100 a barrel for an extended period. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
