The Consumer Price Index showed prices at the consumer level rose 0.1% month-over-month in December, below the forecast which called for the index to rise 0.2%. The core rate, which strips out food and energy, also increased by 0.1% for December, inline with what the Street had expected.
Meanwhile, industrial production showed a 0.6% increase in December, inline with estimates, while November was revised down. Capacity utilization increased to 72.0%, above the 71.8% forecast but utilization remains 8.9% below its long-term average.
The Empire Manufacturing Index, a measure of manufacturing in the New York region, rose in January to a level of 15.92. Economists expected an improvement to 12.00, following the previous month’s upwardly revised level of 4.50.
The preliminary University of Michigan Consumer Sentiment improved by a smaller amount than expected, increasing from 72.5 in December to 72.8 in January, versus the forecast, which called for an increase to 74.0.
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The Dow Jones Industrial Average fell 101 points (0.9%) to close at 10,610, the S&P 500 Index dropped 12 points (1.1%) to 1,136, while the Nasdaq Composite lost 29 points (1.2%) to 2,288. Crude oil was $1.39 lower at $78.00 per barrel, and the Bloomberg gold spot price fell $11.40 to $1,131.45 per ounce. For the week, the DJIA lost 0.1%, while the S&P 500 Index fell 0.8%, and the Nasdaq Composite declined by 1.3%.
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