New York, U.S. stocks fell yesterday, concluding a losing week, as traders considered President-elect Joe Biden’s $1.9 trillion stimulus plan and the latest quarterly results from big banks.
In U.S. economic news, industrial production jumped 1.6 percent in December, with manufacturing climbing 0.9 percent and output at utilities soaring 6.2 percent as weather turned colder. Wholesale inflation increased 0.3 percent in December as energy costs jumped 5.5 percent, led by a 16 percent surge in gasoline prices.
The U.S. dollar rose versus a basket of other currencies, posting its strongest week in more than two months. Gold fell, posting a second consecutive weekly decline, as the dollar climbed. Futures dropped 1.2 percent to $1,829.90 an ounce on the New York Mercantile Exchange.
Oil fell sharply on concerns about Chinese cities on lockdown due to coronavirus outbreak, but losses were limited by strong import data from China and U.S. plans for big stimulus spending. West Texas Intermediate (WTI) crude futures dropped $1.21 or 2.3 percent, to $52.36 a barrel.
The Dow Jones industrial average fell 164.17, or 0.5 percent, to 30,827.35. Twenty-two of the index’s 30 components declined, led by Dow Inc., which plunged 3.9 percent. Chevron lost 3.5 percent, while Intel and Boeing each dropped at least 2.7 percent. Home Depot led gainers, advancing 2.7 percent.
The broader Standard & Poor’s 500 index fell 26.50, or 0.7 percent, to 3,769.04. Energy was the worst-performing sector, dropping 4 percent. Bank stocks also were lower, with Wells Fargo and Citigroup losing 7.8 and 6.9 percent, respectively, despite posting better-than-expected quarterly profit.
The technology-heavy Nasdaq composite index fell 114.14, or 0.9 percent, to 12,998.50. Apple dropped 1.3 percent, Amazon lost 0.7 percent, Netflix decreased 0.3 percent, and Google-parent Alphabet declined 0.2 percent. Facebook gained 2.3 percent following a week of losses.
Source: Saudi Press Agency