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US futures move higher as energy prices dip

Wednesday - 11/14/2012, 11:36am  ET

FILE - In this Nov. 7, 2012, file photo, James Dresch of MND Partners Inc. works on the floor of the New York Stock Exchange in New York. Wall Street also appeared headed for gains on the open Wednesday Nov. 14, 2012 as renewed efforts got under way in Washington to resolve the impending "fiscal cliff." (AP Photo/Henny Ray Abrams, File)

NEW YORK (AP) -- Futures are heading higher with new government data showing that wholesale inflation led by falling gasoline prices dropped in October for the first time since May.

Dow Jones industrial futures are up 25 points to 12,742. The broader S&P futures have tacked on 5.9 points to 1,376.80. Nasdaq futures are up 14.75 points to 2,575.25.

The Labor Department says wholesale prices slipped 0.2 percent in October as gasoline, and energy prices as a whole, trailed off. Food prices, meanwhile, were pushed higher by drought.

Also, the Commerce Department said that Americans cut back on retail spending in October, which may be a combination of unease about the economy and Superstorm Sandy. Almost every retailer that has a presence in the Northeast was forced to close stores, including flagship stores in New York City.


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