Stocks drop as investors assess economic data

Advertisement

On Wednesday, U.S. stocks fell sharply with the Down plunging more than 600 points, as weak U.S. retail sales and industrial production data fueled concerns about recession risks….reports Asian Lite News

US equities declined on Thursday as investors digested the latest data to assess the shape of the economy.

The Dow Jones Industrial Average fell 252.40 points, or 0.76 percent, to 33,044.56. The S&P 500 sank 30.01 points, or 0.76 percent, to 3,898.85. The Nasdaq Composite Index shed 104.74 points, or 0.96 percent, to 10,852.27.

Eight of the 11 primary S&P 500 sectors ended in red, with industrials and consumer discretionary down 2.08 percent and 1.69 percent, respectively, leading the laggards. Energy rose 1.11 percent, the best-performing group.

The U.S. Commerce Department reported Thursday that U.S. building permits for new homes fell 1.6 percent to 1.33 million in December. Economists had expected building permits to fall to 1.35 million.

U.S. initial jobless claims, a rough way to measure layoffs, dropped by 15,000 to 190,000 in the week ending Jan. 14, said the Labor Department. Economists polled by The Wall Street Journal had forecast new claims would total 215,000.

On Wednesday, U.S. stocks fell sharply with the Down plunging more than 600 points, as weak U.S. retail sales and industrial production data fueled concerns about recession risks.

ALSO READ: Pakistan ‘key partner in South Asia’: Putin

[mc4wp_form id=""]