Midday Report: BHP Billiton Makes $7.2B Writedown; Stocks Slump

A laundry list of poor U.S. data pushed stocks even further into the red. Producer prices, retail sales, industrial production, and business activity in New York each came in weaker, while crude oil prices tested new 12-year lows in a fresh wave of selling. New York Federal Reserve President William Dudley contributed to uneasiness after talk of rate hike plans resurfaced. Dudley said while recent data has been 'on the softer side' he expects economic growth at a healthy clip, comments that suggest the Fed could still be on track for multiple rate hikes this year. Citigroup (C) fell despite edging past quarterly estimates. The bank quarterly earnings came in a penny above forecasts, boosted by lower legal fees. BHP Billiton (BHP) tumbled after announcing it will take a $7.2 billion writedown on its U.S. shale assets.