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US stocks retreat further amid downbeat data

IANS  |  New York 

US stocks extended losses on Wednesday as investors digested a batch of generally downbeat economic reports.

The Dow Jones Industrial Average decreased 248.91 points, or 1.00 per cent, to 24,758.12. The lost 15.83 points, or 0.57 per cent, to 2,749.48, reported.

The Index was down 14.2 points, or 0.19 per cent, to 7,496.81.

Advance estimates of US retail and for February 2018 came in at $492 billion, a decrease of 0.1 per cent from the previous month, missing market consensus of a 0.4-per cent gain, the said on Wednesday.

"Retail sales continue to disappoint, especially the biggest ticket auto and furniture components. GDP estimates will be revised down again. With consumption now tracking 1.8 per cent, look for the to revise from 2.5 per cent to 2.2 per cent," said Chris Low, at FTN Financial, in a note.

In a separate report, the department said that manufacturers' and trade inventories were estimated at $1,917 billion in January, up 0.6 per cent from the December reading.

Meanwhile, the Price Index for final demand advanced 0.2 per cent in February, seasonally adjusted, in line with market estimates, the reported.

On an unadjusted basis, the final demand index increased 2.8 per cent for the 12 months ended in February.

Investors also kept a close eye on the White House, after fired and replaced him by



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, March 15 2018. 02:56 IST