By Michael P. Regan - Nov 16, 2011 8:33 PM GMT+0700
U.S. stock-index futures maintained losses after the cost of living unexpectedly fell in October for the first time in four months.
Futures on the Standard & Poor’s 500 Index expiring in December fell 0.8 percent to 1,243.7 at 8:32 a.m. in New York.
The consumer-price index declined 0.1 percent from the prior month, Labor Department data showed. The so-called core rate that excludes volatile food and fuel costs rose 0.1 percent, matching September as the smallest gain this year.
Earlier losses in futures came as the Bank of England said failure by European officials to resolve the debt crisis could hurt the global economy and results from Dell Inc. (DELL) and Abercrombie & Fitch Co. (ANF) disappointed investors.
U.S. stocks rose yesterday amid progress in Italian Prime Minister-designate Mario Monti’s efforts to form a new government to battle the debt crisis and after growth in retail sales and New York-area manufacturing beat estimates.
The S&P 500 has rebounded 14 percent from its low for the year on Oct. 3 as improving economic data and better-than- estimated earnings bolstered optimism that the world’s largest economy will avoid a recession. The index is still down 7.8 percent from a three-year high reached at the end of April.
To contact the editor responsible for this story: Michael P. Regan at mregan12@bloomberg.net
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