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LVMUY News & Analysis
Stocks Decline More, Led by Banks; Telecom Rises
14 Oct 2010 EDT - CNBC.com
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Stocks fell after news of higher inflation and weakness in the employment market, and as financial stocks skidded.

The Dow Jones Industrial Averagefell more than 20 points, a day after the market rallied to new five-month highs.

Bank of America , JPMorgan , and General Electric were the top laggards on the blue-chip index, while McDonald's and Kraft rose.

The S&P 500 Index and the Nasdaq also fell.

TheCBOE Volatility Index, widely considered the best gauge of fear in the market, rose to nearly 20. The VIX has traded below 20 all week, the lowest level for the key index since April.

Most key S&P 500 Index sectors were lower, led by financials, materials and industrials. Telecom rose.

Weekly jobless claims rose13,000 for the week ending Oct. 9 to 462,000, according to the U.S. Department of Labor. Analysts had expected a rise of only 5,000 claims, according to Briefing.com. Continuing claims fell to 4.4 million from 4.5 million.

The overall producer price index rose 0.4 percent in September, while core PPI, which excludes volatile food and energy prices, rose 0.1 percent. The increase was more than expected by economists polled by Reuters, who expected overall prices to rise 0.2 percent.

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