US stocks close lower as industrial output falls

By Ovunc Kutlu

ANKARA (AA) - Major indexes in the US stock market closed lower Wednesday as industrial output fell in October.

US industrial production fell 0.1% despite estimates of an increase, according to data by the Federal Reserve. The expectation was for a gain of 0.2% for October after a 0.1% rise in September.

The Dow Jones lost just 39 points, or 0.12%, to close at 33,553. While the S&P 500 shed 32 points, or 0.83%, to 3,958. The Nasdaq plummeted 174 points, or 1.54%, to 11,183.

The VIX volatility index, also known as the fear index, fell 1.6% to 24.14. The 10-year US Treasury yield lost 2.9% to 3.688%.

The dollar index declined 0.13% to 106.26, still around its highest in 20 years, while the euro jumped 0.44% to $1.0396 against the greenback.

Precious metals were down, with gold falling 0.23% to $1,774 per ounce and silver losing 0.4% to $21.47.

Oil prices dropped more than 1%. Global benchmark Brent crude traded at $92.64 per barrel for a loss of 1.3%. US benchmark West Texas Intermediate crude was around $85.31 – down 1.8%.