Stocks have worst day in months
Tuesday, November 16, 2021 4:40 PM

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In New York, stocks tumbled Tuesday, with all three major indexes down substantially as investors cast a worried eye at economic developments in Europe and China.

The Dow Jones Industrials dumped 178.47 points, or 1.6%, to close at 11,023.50, with Alcoa and Travelers Companies leading the blue chip index's decline. Earlier in the session, the Dow fell more than 200 points.

The S&P 500 gave back 19.41 to 1,178.34. The tech-rich Nasdaq Composite Index surrendered 43.98 points to 2,469.84.

The Dow and the S&P posted the biggest one-day losses since Aug. 11 and Aug. 19, respectively. The Nasdaq's drop was the largest since Oct. 19.

The day's selloff also puts all three indexes on track to decline for the month of November, erasing the gains logged after the Republican victory in the midterm elections and the Federal Reserve's announcement to pump $600 billion in to the economy.

Traders on Wall Street have been holding back on buying recently, as they await more clarity on the economic outlook for the United States, Europe and China.

As a result, investors have been taking their cues from daily economic indicators, and have been keeping a close eye on debt auctions in fiscally challenged countries such as Ireland.

General Motors announced an increase in the target price and size of its initial public offering. The target share price for common stock moved to $32 to $33 U.S. from its previous estimate of between $26 and $29 U.S. per share. As a result, the total size of GM's IPO is now expected to be close to $16 billion U.S.

Exxon Mobil fell more than 2% Tuesday and was among the biggest losers in the Dow. Southwest Energy Co., Anadarko Petroleum, Massey Energy Company, Peabody Energy, NRG Energy Inc. and Jacobs Energy Group all shed about 3%, while Consol Energy dropped more than 5%. They were among the biggest laggards on the S&P 500.

Meanwhile, retail stocks moved higher after major players posted healthy profits and strong forecasts for the fourth quarter, which includes the all-important holiday shopping period, with Wal-Mart, Home Depot and Urban Outfitters leading the advance.

Stocks ended mixed Monday, after an early advance on merger news gave way to jitters about the economy.

Wal-Mart, the world's largest retailer, reported earnings per share of 95 cents U.S. Excluding charges, Wal-Mart met forecasts. But the retailer missed on sales, reporting net sales of $101.2 billion versus forecasts of $102.3 billion U.S. Wal-Mart also hiked its outlook for the year. Shares rose about 1%.

Home Depot reported third-quarter earnings of 51 cents U.S. per share, topping forecasts by three cents. But the home improvement company lowered its full-year sales outlook. Shares of Home Depot jumped nearly 2%.

Clothing retailer Abercrombie & Fitch announced third-quarter earnings per share of 56 cents U.S., topping analyst expectations by five cents U.S. per share. Shares were down 1.6%.

Economically speaking, a government report on the latest Producer Price Index was delivered before the bell. The report is considered an important reading on the price of goods at the wholesale level.

Producer prices rose 0.4% in October, matching the growth rate for the previous two months, but falling short of analyst expectations. The measure had been forecast to have risen 0.8% for October, according to a consensus of economists surveyed by Briefing.com.

Excluding energy prices, the so-called core PPI decreased by 0.6%. It had been expected to be flat at 0.1%.

Economists expect industrial production rose 0.3% in October, after a 0.2% decline in output the month before, according to the consensus estimate from Briefing.com.

The price on the benchmark 10-year U.S. Treasury rallied, pushing the yield down to 2.85% from 2.91% late Monday. Treasury prices and yields move in opposite directions.

Oil was off $2.60 a barrel in price to $82.26 U.S. The price of an ounce of gold regained 38 cents to $1,341.65 U.S.

(Source: )
(Source: Quotemedia)
 

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