U.S. stocks close lower amid economic data

Source: Xinhua| 2017-11-15 05:28:47|Editor: huaxia
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NEW YORK, Nov. 14 (Xinhua) -- U.S. stocks ended lower on Tuesday as investors were digesting the latest economic data from the country.

The Dow Jones Industrial Average decreased 30.23 points, or 0.13 percent, to 23,409.47. The S&P 500 erased 5.97 points, or 0.23 percent, to 2,578.87. The Nasdaq Composite Index was down 19.72 points, or 0.29 percent, to 6,737.87.

The U.S. Labor Department on Tuesday said its producer price index (PPI) for final demand increased 0.4 percent last month after a similar gain in September, driven by a surge in the cost of services.

In the 12 months through October, the PPI jumped 2.8 percent, which was the largest increase since February 2012 and also beat market expectations. The PPI rose 2.6 percent year-on-year in September.

Meanwhile, traders kept an eye on the latest developments of U.S. multinational General Electric (GE).

Shares of GE slumped 5.91 percent on Tuesday to its lowest level since 2011, after the company unveiled a massive restructuring plan and slashed its dividend by 50 percent at an investor meeting on Monday. Enditem