US stocks are sharply lower for a second day in a row as oil continues to deteriorate, and defensive positioning drives the Dow Jones Industrial Average nearly 300 points lower, led by downgrades in component stocks Boeing ( BA ) and Disney ( DIS ). In the S&P 500, all ten sectors are in the red led by losses in utility and financial stocks.
Economic data was light but mostly bearish for stocks as the purchasing manager's services sector index fell to a 12-month low of 53.7 in December from 56.1 in November, missing expectations to remain unchanged at 56.1.
The Kansas City Fed manufacturing index plummeted to negative 8.0 in December from positive 3.0 in November, while the composite index dropped to negative 9.0 from positive 1.0.
Finally, businesses in the Atlanta Fed region believe inflation will increase to 1.9% from prior estimates of 1.8%.
European markets capitulated to yesterday's sell-off on Wall Street with the major indices all closing in the red. In the UK, mining stocks helped mitigate losses across the FTSE-100, and enabled the index to close with a solid gain for the week.
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