Economic news

U.S. stocks sink, dragged down by materials and industrial sectors

Wall Street dipped in morning deals on Wednesday as industrial sector was hit by worries over the influence of imposed tariffs on trade.

Photo: Reuters

The Dow Jones Industrial Average ticked up 0.08 percent to 25,027.92. The S&P 500 climbed 0.1 percent to 2,768.29 and the Nasdaq Composite edged 0.02 percent higher to 7,512.85.

U.S. producer price index for final demand increased 0.2 percent in February following 0.4 percent surge in January. U.S. retail sales sank 0.1 percent last month, the Commerce Department reported.

Shares of Broadcom Ltd fell 1.7 percent after the company abandoned its proposed acquisition of U.S. chipmaker Qualcomm following US President Donald Trump decision to block the deal.

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