At the close of trade, the Dow Jones Industrial Average index fell marginal 0.06 point, or 0.00%, to 35,754.69. The S&P500 index fell 33.76 points, or 0.72%, to 4,667.45. The tech-heavy Nasdaq Composite Index dropped 269.62 points, or 1.71%, to 15,517.37. In the first three days of the week, the Nasdaq rallied 4.7%, the S&P advanced 3.6%, and the Dow gained 3.4%.
Total volume turnover on U.S. exchanges stood at 8.76 billion shares, down from yesterday's 9.25 billion shares. Declining stocks outnumbered advancing ones on the NYSE exchange by 850 to 2485 and 158 closed unchanged. In the NASDAQ, 1147 issues advanced, 3550 issues declined, and 216 issues unchanged.
Total 9 of the 11 major S&P 500 sector indexes declined, with worst performing issues were communication services (down 1.7%), followed by real estate (down 1.36%), and information technology (down 1.09%). The only sector gainers were healthcare up 0.2% and consumer staples which clung to a 0.06% advance.
All eyes are now on consumer prices index data due on Friday. A hotter-than-expected reading could strengthen the case for aggressive policy tightening ahead of the U.S. central bank's meeting next week.
ECONOMIC NEWS: US Jobless Claims Slide To New Lows- US first-time claims for unemployment benefits pulled back by much more than expected in the week ended December 4, according to a report released by the Labor Department on Thursday. The report said initial jobless claims slid to 184,000, a decrease of 43,000 from the previous week's revised level of 227,000. With the bigger than expected decrease, jobless claims dropped to their lowest level since hitting 182,000 in September of 1969.
US Wholesale Inventories Surge 2.3% In October- US wholesale inventories surged up by 2.3% in October after jumping by 1.4% in September, the Commerce Department reported on Thursday. The bigger than expected increased came as inventories of durable goods spiked by 2.1%, while inventories of non-durable goods soared by 2.6%. The Commerce Department said wholesales also shot up by 2.2% in October after surging by 1.7% in September. Sales of non-durable goods skyrocketed by 3.0%, while sales of durable goods jumped by 1.4%. With inventories and sales both showing strong growth, the inventories/sales ratio for merchant wholesalers was unchanged from the previous month at 1.22.
Among Indian ADR, Wipro fell 0.4% to $8.73, INFOSYS fell 0.83% to $23.25, and Dr Reddys Labs shed 0.02% to $60.66. HDFC Bank dropped 2.62% to $65.70, WNS Holdings fell 0.96% to $85.55, and Tata Motors fell 1.41% to $32.15, and Azure Power Global fell 5.79% to $17.75. ICICI Bank added 1.42% to $20.
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