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12-Oct2018

US markets end lower on Thursday; Dow Jones down over 500 points

The US markets extended their losses for second straight day to end the session in red on Thursday with the Dow Jones Industrial Average losing over 500 points, as traders remained concerned about the outlook for the interest rates as well as the escalating trade war between the US and China. Investors have pinned the selloff on a variety of factors, including a sudden rise in long-dated interest rates since late September. A bond-market selloff saw the yield on the 10-year US. Higher yields raise borrowing costs for corporations. They also divert investment away from stocks.

On the economic front, the Labor Department said its consumer price index inched up by 0.1% in September after rising by 0.2% in August. Street had expected prices to increase by another 0.2%. Excluding food and energy prices, core consumer prices also crept up by 0.1% in September, matching the uptick seen in the previous month. Core prices had been expected to rise by 0.2%. The report also said the annual rate of consumer price growth slowed to 2.3% in September from 2.7% in August, while the annual rate of core consumer price growth was unchanged at 2.2%. A separate report released by the Labor Department unexpectedly showed a modest increase in first-time claims for US unemployment benefits in the week ended October 6. The report said initial jobless claims rose to 214,000, an increase of 7,000 from the previous week's unrevised level of 207,000. Street had expected jobless claims to edge down to 206,000.

Dow Jones Industrial Average declined 545.91 points or 2.13 percent to 25,052.83, Nasdaq decreased 92.99 points or 1.25 percent to 7,329.06 and S&P 500 was down by 57.31 points or 2.06 percent to 2,728.37.


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