Investing.com – Wall Street closed sharply lower on Wednesday as better-than-expected economic data failed to lift sentiment amid the ongoing slump energy.
The Dow Jones Industrial Average closed lower at 23,271. The S&P 500 closed 0.55% lower while the Nasdaq Composite closed at 6706.21, down 0.47%.
Energy was main laggard weighing on the broader index falling more than 1.2% as oil prices continued to plummet after data showed US crude and gasoline stockpiles rose last week against expectations for a draw.
Risk-off sentiment continued to weigh on equities as the VIX or so-called fear index jumped to its highest level since August before paring gains despite a duo of economic reports indicating that the U.S. economy remained on track for a solid fourth quarter of growth.
The Labor Department said on Wednesday its Consumer Price Index rose 0.1% last month after jumping 0.5% in September.
Retail sales increased 0.2% last month, the Commerce Department said Wednesday beating expectations for a 0.1% increase.
Also weighing on sentiment was ongoing uncertainty over the government’s ability to push through tax reform before year end as the House prepares to vote on its own tax bill on Thursday, while the Senate markup may take until the Thanksgiving recess.
'Bulls and Bears' on Wall Street
The top Dow gainers for the session: General Electric Company (NYSE:GE) up 2%, Nike Inc (NYSE:NKE) up 1.2% and JPMorgan (NYSE:JPM) up 0.9%
Caterpillar (NYSE:CAT) down 2.5%, Visa Inc (NYSE:V) down 1.5% and Home Depot (NYSE:HD) down 1.5%, were among the worst Dow performers of the session.