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Wall Street Opens Lower on Weak Output, High Oil Prices; Dow Down 130 Pts By Investing.com

by Mike Robinson

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© Reuters.

Geoffrey Smith 

Investing.com — U.S. stocks markets closed lower Monday following a sharp, unexpected drop in U.S. industrial production in September. This again raised doubts about the recovery’s strength. 

At 9:50 am ET (1350 GMT), it was down 130 points. That’s 0.3% off the 35,183 point mark. The had fallen 0.1%, and was practically unchanged.

New data showed that the U.S.’s industrial output declined by 1.3% in September. This was after August’s data were revised to reflect a slight decrease rather than an increase. The numbers reinforced perceptions of a world in turmoil due to extended disruptions to global supply chain, an issue that is being exacerbated short-term by surging fuel costs.

The wholesale price of gasoline in the United States hit $2.50 per gallon in New York’s early trading. This was against the backdrop of reports that some key oil producers from the Organization of Petroleum Exporting Countries were having difficulty producing the volume they have been allowed under the agreement with Russia. 

 

 

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