AC:CC - Dow Tumbles 100+ on Inflation Report
U.S. stocks lower Thursday as investors looked toward new consumer inflation data for greater insight on the economy.
The Dow Jones Industrials tumbled 139 points to open the Thursday session at 33,665.87.
The S&P 500 index shed 7.62 points to 4,369.33.
The NASDAQ index gained 26.31 points at 13,685.99.
The consumer price index increased 0.4% on the month and 3.7% from a year ago, according to a U.S. Labor Department report released Thursday. Dow Jones estimates were 0.3% and 3.6%, respectively. The core inflation number, excluding food and energy prices, came out in line with economists' expectations at an increase of 0.3% on the month and 4.1% on a 12-month basis. The data comes following a stronger-than-expected producer price index for September.
Prices for the 10-year Treasury ditched earlier gains, raising yields to 4.64% from Wednesday's 4.56%. Treasury prices and yields move in opposite directions.
Oil prices recovered $1.39 to $87.21 U.S. a barrel.
Gold prices slid 70 cents to $1,886.60.