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  3. US markets end with steep losses on Friday

US markets end with steep losses on Friday

10 Nov 2018 Evaluate

The US markets ended the Friday’s trade in red terrain with major indices ending with a cut of around a percent, as traders remain worried on renewed concerns about the outlook for interest rates on the heels of the Federal Reserve's monetary policy announcement on Thursday. The Fed left interest rates unchanged as widely expected but indicated it remains on track to gradually raise rates despite signs of a slowdown in the pace of growth in business investment. Adding to the concerns about interest rates, the Labor Department released a report showing a much bigger than expected increase in producer prices in the month of October. The Labor Department said its producer price index for final demand climbed by 0.6 percent in October after rising by 0.2 percent in September. The street had been expecting another 0.2 percent uptick. Excluding food and energy prices, core producer prices still rose by 0.5 percent in October after edging up by 0.2 percent in September. Core prices had been expected to rise by another 0.2 percent. Compared to the same month a year ago, producer prices in October were up by 2.9 percent, reflecting an acceleration from the 2.6 percent increase in September.

Meanwhile, the annual rate of growth in core consumer prices also accelerated modestly to 2.6 percent in October from 2.5 percent in September. A separate report from the University of Michigan showed a slight deterioration in consumer sentiment in the month of November. The report said the consumer sentiment index edged down to 98.3 in November from the final October reading of 98.6. Economists had expected the index to dip to 98.0.

Dow Jones Industrial Average declined 201.92 points or 0.77 percent to 25,989.30, Nasdaq fell 123.98 points or 1.65 percent to 7,406.90 and S&P 500 was down by 25.82 points or 0.92 percent to 2,781.01.

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