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The Dow slid 234.44 points (0.5%) to 43,914.12, the Nasdaq declined 132.05 points (0.7%) to 19,902.84 and the S&P 500 fell 32.94 points (0.5%) to 6,051.25. Producer prices rose 0.4% in November, exceeding expectations of a 0.2% increase, following a revised 0.3% rise in October. Annual producer price growth accelerated to 3.0% in November from 2.6% in October. While the Federal Reserve is still widely expected to lower interest rates next week, the data has raised some concerns about how quickly the central bank will cut rates early next year. Gold stocks declined along with the price of the precious metal, with the NYSE Arca Gold Bugs Index plunging by 3.8%. Also, steel stocks were significantly weak as reflected by the 2.7% slump by the NYSE Arca Steel Index. Airline stocks too were under pressure, dragging the NYSE Arca Airline Index down by 2.5%. Energy stocks also saw considerable weakness amid a decrease by the price of crude oil while networking stocks showed a notable move to the upside on the day. Asia-Pacific stocks mostly rose, with Japan's Nikkei Index up 1.2% and China's Shanghai Composite Index up 0.9%. European markets were little changed; the ECB's rate cut saw France's CAC dip slightly while the U.K.'s FTSE and Germany's DAX edged up 0.1%. In the bond market, treasuries extended the pullback seen over the past few sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 5.3 bps to 4.32%. Powered by Capital Market - Live News
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