Market Roundup: After Week's Losses, Indices are Entering Correction Territory

Published: Dec. 17, 2018, 2:16 p.m.

The major indices closed the trading session in green territory on Monday, as stocks rebounded in late afternoon trading. Gains among Technology sector names bolstered the Dow Jones Industrial Average’s ascent. Indices traded mixed on Tuesday with the Dow and S&P 500 Index shedding some points while the NASDAQ Composite closed slightly in the green zone. Consumer Staples led S&P 500 advancers while Financials and Industrials lagged for the session. Moves were likely mixed on a variety of economic news including a tick up in Producer prices in November. The Producer Price Index edged up 0.1% versus expectations of no change in wholesale inflation. Core PPI, which discounts food and energy, rose 0.3%. Over the past year, the PPI has slowed to 2.5% from 2.9%. Midweek, the major indices closed with gains as Industrial sector stocks bolstered the Dow's ascent while Facebook, Amazon, Netflix, and Alphabet led NASDAQ’s advancers. Stocks likely stepped up amid news of progress in U.S.-China trade talks. In economic news, consumer prices held steady in November. The Consumer Price Index was unchanged, matching economists' expectations. Indices closed trading with mixed moves on Thursday, as the Dow ended in green territory while the S&P 500 and NASDAQ shed some points. On another note, Labor Department data showed initial jobless claims decreased, as first-time claims fell to 206,000 for the week ended December 8, from 233,000 a week earlier. Unfortunately, the major indices closed well into the red zone on Friday despite reports that Retail Sales rose more than expected in November. Overall sales increased by 0.2% last month versus forecasts for a 0.1% gain. On another note, Industrial Production ticked up 0.6% in November, its fifth gain in six months.