US stocks close lower on speculation industrial production slowed
US stocks have closed lower on speculation industrial production has lost momentum.
The main US stock indices closed lower on Wall Street last night (November 15th) on speculation industrial production in the world's largest economy expanded at a slower pace in October.
This is down to the impact of Hurricane Sandy, which blew 90mph winds across the eastern seaboard of the nation, resulting in businesses being closed and homes evacuated – with even the New York Stock Exchange remaining dark for a two-day period.
Output at manufacturing, mining and utility firms climbed by 0.2 per cent after a 0.4 per cent increase in September, according to a Bloomberg estimate published ahead of the official report from the Federal Reserve (Fed).
Production at factories may also have increased by 0.2 per cent.
The Fed will release its production data in Washington later today and as manufacturing accounts for around 12 per cent of the US economy, the announcement will be closely watched.
At close of play on Wall Street last night the Dow Jones was lower by 0.2 per cent to a value of 1254.3 points and the Nasdaq gained by 0.3 per cent to 2836.9 points.
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