The U.S. equity market is continuing to fall on worries over inflation in China and the debt crisis in Europe. The Dow Jones is currently down 1.45% to 11,039.59, the S&P 500 is currently down 1.46% to 1,280.28 and the Nasdaq is currently down 1.57% to 2,474.26.
The decline in the equity market is being led by energy and basic materials stocks. Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) is among the biggest loser in the basic materials sector. Shares of Freeport-McMoRan are currently down 5.18% to $96.72, after touching an intra-day low of $96.02.
According to Republican Senator Bob Corker, the U.S. Federal Reserve to focus only on price stability rather than have a “dual mandate” to fight inflation and also maintain full employment. Corker, who is also a member of the Senate Banking Committee, gave his views in a statement released today.
U.S. homebuilders confidence improved for a second month in a row in November, an indication that residential construction may hold at depressed levels. The National Association of Home Builders/Wells Fargo confidence index improved to a five-month high of 16 in November from 15 in October.
The Federal Reserve today reported that industrial production was flat in October following a cutback in utility use due to warm weather. Factory production increased 0.5% in October following a 0.2% gain in September, while utilities output dropped 3.4% in October, following a 2.2% decline in September.
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Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.