Stocks took another tumble on Friday as volatility continues on Wall Street. A new report on Friday showed that U.S. wholesale prices rose more than expected last month on rising food and gas costs. Consumer confidence also dipped in June as Thomson Reuters/University of Michigan preliminary index of consumer sentiment dropped to 82.7 in June from 84.5 the previous month.
9:45 a.m. EDT June 14, 2013
Stocks tumbled again Friday as volatility continued on Wall Street at the conclusion of a turbulent week.
The Dow Jones industrial average was down about 100 points, or 0.7% at midday. The Standard & Poor's 500 index fell 0.5% and the Nasdaq composite index was 0.5% lower.
A new report Friday showed that U.S. wholesale prices rose more than expected last month on rising food and gas costs, but inflation remained mild otherwise. If inflation remains under control, the government will feel more at ease in using economic tools to spur growth.
But, consumer confidence dipped in June, according to published reports, as the Thomson Reuters/University of Michigan preliminary index of consumer sentiment dropped to 82.7 in June from 84.5 the previous month.
Asian stocks rebounded Friday from Tokyo's sharp decline the day before after investors were encouraged by the rally In U.S. markets Thursday on positive U.S. economic reports on retail sales and the labor market.
Thursday, the Dow rose 1.2%, to 15,176.08, the S&P 500 added 1.5% to 1,636.36. The Nasdaq composite gained 1.3% to 3,445.37.
Tokyo's Nikkei 225, the regional heavyweight, gained 1.94% to 12,686.52, recovering some of its losses after Thursday's 6.4% plunge. The Nikkei's plunge Thursday took the Japanese market to a 20% decline from its May 22 high.
Oil moved above $97 a barrel on signs of steady American hiring and stronger retail sales despite mounting signs of weakness in China's economic recovery. Benchmark oil for July delivery rose $1.17 to $97.86 after gaining 81 cents on Thursday on improved U.S. economic data.
In Europe, Britain's FSTE 100 rose almost 0.1% to close at 6,308.26. France's CAC-40 gained 0.2% to 3,805.16, while Germany's DAX rose 0.4% to 8,127.96.
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