Dow, Disappointed by Inflation, Loses 20.55
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NEW YORK — The stock market recorded a broad loss today, weighed down by disappointing inflation news.
The Dow Jones average of 30 industrials dropped 20.55 to 2,593.81, closing out the week with a net gain of 3.71 points.
Declining issues outnumbered advances by about 2 to 1 on the New York Stock Exchange, with 502 up, 1,009 down and 493 unchanged.
Big Board volume totaled 150.88 million shares, against 162.11 million in the previous session.
The NYSE’s composite index fell 1.35 to 178.71.
The day got off to a rocky start when the Labor Department reported that the producer price index rose 0.5% in November.
That came as an unpleasant surprise to traders who had been expecting a considerably smaller increase, given a recent letup in the rise of oil prices.
Separate government reports showed a 1.7% drop in industrial production last month, and a slowing in the operating rate of the nation’s factories, mines and utilities to 80.9% of capacity from 82.4% in October.
Analysts said that mixture of news provided stock-market investors with little encouragement about the outlook for the economy and corporate profits.
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