US market falls on fear of aggressive interest rate hikes
At the close of trading, the Dow Jones Industrial Average fell 173.27 points, or 0.56%, to 30,961.82.
The S&P500 index lost 44.66 points, or 1.13%, to 3,901.35. The tech-heavy Nasdaq Composite Index fell 167.32 points, or 1.43%, to 11,552.36.
In total, 9 of the 11 major S&P 500 sectors fell, with emissions from energy, information technology, real estate and utilities all falling more than 2%.
ECONOMIC NEWS: The Commerce Department report showed retail sales rose 0.3% in August after a revised 0.4% decline in July.
The latest Labor Department report showed import prices fell 1% in August after falling 1.5% in July. The report also showed export prices fell 1.6% in August after falling 3.7% in July.
A separate report released by the Labor Department showed initial jobless claims slipped to 213,000, down 5,000 from the previous week’s revised level of 218,000.
The Federal Reserve also released a report showing that industrial production edged down 0.2% in August after rising a lower-revised 0.5% in July.
Among Indian ADRs, ICICI Bank fell 0.9% to $23.17, Azure Power Global fell 7.2% to $5.42, HDFC Bank fell 1.3% to $66.95 , Tata Motors fell 1.7% to $27.61 and Dr Reddy’s Labs fell 2.3% to $51.71. WNS Holdings fell 2.7% to $83.35, Wipro lost 0.8% to $5.07 and INFOSYS fell 1.6% to $17.79.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)