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US stocks retreat further amid downbeat data
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IANS | 15 Mar, 2018
US stocks extended losses on Wednesday as investors digested a batch of generally downbeat economic reports.
The
Dow Jones Industrial Average decreased 248.91 points, or 1.00 per cent,
to 24,758.12. The S&P 500 lost 15.83 points, or 0.57 per cent, to
2,749.48, Xinhua news agency reported.
The Nasdaq Composite Index was down 14.2 points, or 0.19 per cent, to 7,496.81.
Advance
estimates of US retail and food services sales for February 2018 came
in at $492 billion, a decrease of 0.1 per cent from the previous month,
missing market consensus of a 0.4-per cent gain, the Commerce Department
said on Wednesday.
"Retail sales continue to disappoint,
especially the biggest ticket auto and furniture components. GDP
estimates will be revised down again. With consumption now tracking 1.8
per cent, look for the Atlanta Fed to revise from 2.5 per cent to 2.2
per cent," said Chris Low, chief economist at FTN Financial, in a note.
In
a separate report, the department said that manufacturers' and trade
inventories were estimated at $1,917 billion in January, up 0.6 per cent
from the December reading.
Meanwhile, the Producer Price Index
for final demand advanced 0.2 per cent in February, seasonally adjusted,
in line with market estimates, the US Labor Department reported.
On an unadjusted basis, the final demand index increased 2.8 per cent for the 12 months ended in February.
Investors
also kept a close eye on the White House, after President Donald Trump
fired Secretary of State Rex Tillerson and replaced him by Central
Intelligence Agency Director Mike Pompeo.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
|
66.20
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64.50 |
UK Pound
|
87.50
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84.65 |
Euro
|
78.25
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75.65 |
| Japanese
Yen |
58.85 |
56.85 |
| As on 13 Jul, 2020 |
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