The Producer Price Index showed prices at the wholesale level jumped month-over-month in November, rising 1.8% after advancing 0.3% in October. The average economist forecast was for prices to increase by 0.8%. The core rate also topped analysts’ forecasts after rising by 0.5% compared to the expectation for a 0.2% increase.
Industrial production also showed a 0.8% increase, compared to the 0.5% gain that had been expected. The report also showed that capacity utilization improved to 71.3%, above the 71.1% forecast.
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The Dow Jones Industrial Average fell 49 points (0.5%) to close at 10,452, the S&P 500 Index lost 6 points (0.6%) to 1,108, and the Nasdaq Composite declined 11 points (0.5%) to 2,201. Crude oil rose $1.18 to $70.69 per barrel, and the Bloomberg gold spot price decreased $2.60 to $1,124.10 per ounce.
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