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U.S. stocks dip on soft European data; Dow down 0.02%

Published 11/12/2014, 04:36 PM
Updated 11/12/2014, 04:39 PM
U.S. stocks dip on European data in a quiet session

U.S. stocks dip on European data in a quiet session

Investing.com - U.S. stocks ended Wednesday mixed to lower after lackluster European data gave investors reason to sell equities for profits.

At the close of U.S. trading, the Dow 30 fell 0.02%, the S&P 500 index fell 0.07%, while the NASDAQ Composite index rose 0.31%.

The CBOE Volatility Index index, which measures the outlook for market volatility, was up 0.85% at 13.03.

Earlier Wednesday, Eurostat, the European Union's statistical office, reported that industrial production in the euro area increased by 0.6% in September, missing forecasts for a monthly gain of 1.0%. Industrial production in August fell by 1.4%.

Year-on-year, industrial production inched up 0.6% in September from a year earlier, beating expectations for a 0.2% decline and after dropping at a rate of 0.5% in the preceding month.

The lackluster report stoked concerns over the outlook for economic growth in the single currency bloc after weak Italian data on Monday fueled fears that its economy is falling back into a recession, which allowed U.S. stocks to take a breather from recent gains.

Elsewhere, utility stocks fell after the U.S. and China reached a deal to reduce greenhouse emissions

Under the deal, the U.S. will trim its 2005 level of carbon emissions by 26-28% before 2025, while China will see its carbon emissions peak by 2030 while working to see 20% of its energy stem from zero-carbon emission sources that same year.

Leading Dow Jones Industrial Average performers included Visa Inc (NYSE:V), up 1.08%, Nike Inc (NYSE:NKE), up 0.98%, and AT&T Inc (NYSE:T), up 0.85%.

The Dow Jones Industrial Average's worst performers included JPMorgan Chase & Co (NYSE:JPM), down 1.32%, Exxon Mobil Corporation (NYSE:XOM), down 1.07%, and Goldman Sachs Group Inc (NYSE:GS), down 0.89%.

European indices, meanwhile, ended the day lower.

After the close of European trade, the DJ Euro Stoxx 50 fell 1.95%, France's CAC 40 fell 1.51%, while Germany's DAX fell 1.86%. Meanwhile, in the U.K. the FTSE 100 fell 0.25%.

On Thursday, the U.S. is to publish the weekly report on initial jobless claims.

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