Wall Street falls in midday trading amid weaker-than-expected retail sales report
By Stephen Bernard, Gaea News NetworkWednesday, May 13, 2009
Weak retail sales send stocks lower; Dow off 170
NEW YORK — Wall Street is falling sharply after the government reported weaker-than-expected retail sales in April.
The market is putting a two-month rally on hold amid concern that an economic recovery won’t come as fast as hoped. The Commerce Department says retail sales fell 0.4 percent last month, while economists had expected sales to be flat.
Investors watch these numbers closely because consumer spending accounts for about two-thirds of U.S. economic activity. Without improved spending, the economy is more likely to remain mired in a recession.
In midday trading Wednesday, the Dow Jones industrial average is down 173 at 8,296. The Standard & Poor’s 500 index is down 20 at 889, while the Nasdaq composite index is down 39 at 1,677.
Tags: New York, North America, Retail And Wholesale Sector Performance, Retail-sales, United States, Us-wall-street
