new York The New York Stock Exchange closed lower after US producer price data. The Dow Jones index of standard values dropped 0.9 percent to 33,476 points on Friday. The tech-heavy Nasdaq fell 0.7 percent to 11,004 points. The broad S&P 500 lost 0.7 percent to 3934 points.
Producer prices rose more slowly and the annual rate of 7.4 percent is the lowest since the middle of last year. Economists polled by Reuters had expected a slightly stronger decline to 7.2 percent after the revised 8.1 percent in October.
The producer prices apply from the factory gate – i.e. before the products are further processed or traded. They provide early signals for the development of consumer prices. These, in turn, are an important factor that could influence the US Federal Reserve’s interest rate decisions in the coming week.
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