The Conference Board released the Index of Leading Economic Indicators for November, which rose a better-than-expected 0.9% versus the expectation of a 0.7% increase, marking the eighth consecutive monthly increase, and the longest series of gains since 2003-2004.
The Philadelphia Fed’s Business Activity Index unexpectedly rose to 20.4 in December from 16.7 in November, while the index had been expected to decline to 16.0. The underlying components of new orders and shipments both fell slightly, but remained in positive territory.
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The Dow Jones Industrial Average fell 133 points (1.3%) to close at 10,308, the S&P 500 Index lost 13 points (1.2%) to 1,096, and the Nasdaq Composite declined 27 points (1.2%) to 2,180. Crude oil fell $0.01 to $72.65 per barrel, and the Bloomberg gold spot price decreased $41.70 to $1,096.20 per ounce.
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