Market Ends Lower for Fourth Consecutive Day on China Inflation, European Sovereign Debt Worries
The U.S. equity market ended lower for the fourth successive day on concerns over inflation in China and Sovereign Debt crisis in Europe. The Dow Jones ended the day1.59% lower at 11,023.50, the S&P 500 ended the day 1.62% lower at 1,178.34 and the Nasdaq ended the day 1.75% lower at 2,469.84.
Equity market was dragged lower due to concerns over inflation in China. China is expected to impose food price controls and also crack down on speculation in agricultural commodities to contain inflation. Investors were also worried over the debt crisis in Ireland. The fall in the equity market was led by energy and basic materials stocks, with shares of Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) ending the day 4.30% lower at $97.61.
Wal-Mart Stores Inc. (NYSE: WMT) today reported its third-quarter financial results. The discount retailer reported a 9.3% increase in third-quarter profits. Shares of Wal-Mart ended the day 0.57% higher at $54.26.
U.S. wholesale costs rose less-than-expectations in October, according to the figures released by the Labor Department today. The Labor Department figures showed that then producer price index rose 0.4% in October, lower than economists’ forecast of an increase of 0.8%.
Crude oil fell to a two-week low. Crude oil for delivery in December fell $2.52 to $82.34 a barrel on the New York Mercantile Exchange. Brent crude for delivery in December fell 2.3% to $84.73 a barrel on the ICE Futures Europe exchange in London.
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