Wall Street closes lower as investors assess data after recent gains
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Wall Street pulled back on Thursday as investors evaluated key economic indicators ahead of the Federal Reserve's meeting next week. A Thursday Labor Department report showed U.S. producer prices rose more than forecast in November, though a moderation in service costs pointed to a continuation of the broader disinflationary trend. Initial claims for U.S. unemployment benefits unexpectedly climbed last week, raising concerns about labor-market resilience. "Investors are just trying to suss out what is the Fed going to do next week? Is inflation really going to be a problem and the Fed has to really slow its role on rate cuts, or can they get there?" said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management in Seattle. Haworth added there was profit-taking after the Nasdaq touched an all-time high on Wednesday. The Nasdaq had surged past the 20,000 mark for the first time on Wednesday, driven by a strong ...