US stock indices closed lower today, Wednesday, following weak economic data and pro-rate-raising statements from Federal Reserve officials raised fears that the bank will continue to tighten monetary policy, perhaps to the extent that it leads to a recession.
Before the market opened, US economic data showed retail sales and producer prices fell by more than expected in December. US factory production also fell more than expected in December and the previous month’s output was weaker than previously thought.
According to preliminary data, the Standard & Poor’s 500 index fell by 62.12 points, or 1.56%, to close at 3,928.85 points, while the Nasdaq Composite lost 138.17 points, or 1.25%, to record 10,956.95 points.
The Dow Jones Industrial Average fell 615.67 points, or 1.81%, to close at 33,296.63 points.
