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US stocks close lower amid economic data

Wednesday - November 15, 2017 7:04 am , Category : BUSINESS

New York Nov 15 (IANS) US stocks ended lower as investors were digesting the latest economic data from the country.



The Dow Jones Industrial Average on Tuesday decreased 30.23 points or 0.13 per cent to 23 409.47 Xinhua news agency reported.

The S&P 500 erased 5.97 points or 0.23 per cent to 2 578.87. The Nasdaq Composite Index was down 19.72 points or 0.29 per cent to 6 737.87.

The US Labor Department on Tuesday said its producer price index (PPI) for final demand increased 0.4 percent last month after a similar gain in September driven by a surge in the cost of services.

In the 12 months through October the PPI jumped 2.8 per cent which was the largest increase since February 2012 and also beat market expectations. The PPI rose 2.6 per cent year-on-year in September.

Meanwhile traders kept an eye on the latest developments of US multinational General Electric (GE).

Shares of GE slumped 5.91 per cent on Tuesday to its lowest level since 2011 after the company unveiled a massive restructuring plan and slashed its dividend by 50 per cent at an investor meeting on Monday.

--IANS
pgh/

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