Stocks falter, hurt by surprisingly weak retail sales [Los Angeles Times (CA)]
JC PENNEY (JCP)
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Source: Los Angeles Times
Stocks falter, hurt by surprisingly weak retail sales U.S. stock indexes clawed most of the way back from an early slide Thursday and still finished mostly down, ending a four-day winning streak for the benchmark Standard & Poor’s 500 index. Losses by banks, retailers and consumer products makers offset gains by healthcare, technology and other companies as investors weighed new data showing that retail sales slumped in December amid a disappointing holiday shopping season. The Commerce Department reported that December retail sales posted their biggest drop since September 2009. Separately, the National Retail Federation issued figures showing U.S. holiday-season sales were weaker than expected. The retail sales data initially put investors in a selling mood, but the selloff reversed course as traders reconsidered how useful the 2-month-old data would be in forecasting consumer spending trends in coming months. “This was a really big shock because it was a nine-year low, in terms of
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