Market Roundup: Markets Tumble on Economic News

Economy/Stock Market

The week began on a down note with consumer brands dragging the markets lower. Investors were also likely worried about a potential interest rate rise and the health of the global economy. On Tuesday, the both the Dow Jones Industrial Average and the S&P 500 Index inched higher while the NASDAQ shed some points. Materials, Technology and Telecom sectors traded slightly lower. Stocks retreated amid a variety of economic news mid-week. The MBA Mortgage Applications Survey showed applications fell in the last week while mortgage rates were higher for the third consecutive week following a strong October jobs report last Friday. Barring any significant hit to the economy, the Federal Reserve will likely begin to raise rates in December. Indices closed well into red territory on Thursday with Financial and Energy stocks leading the way down. Labor Department data, released today, showed initial jobless claims held steady at 276,000 last week, while the four-week moving average increased by 5,000 to 267,750. The decline continued Friday with Energy stocks continuing to decline amid lower crude oil prices. Retail sales showed a 0.1% increase while U.S. Producer Prices decreased 0.4% in October. In a preliminary measure, the University of Michigan Sentiment Index hit 93.1 for November from 90 in October. Economists had expected a reading of 91.