Stocks close lower on weak retail sales
ASSOCIATED PRESS July 5, 2012 8:18AM
Updated: July 5, 2012 3:38PM
NEW YORK — Stocks are finishing the day mostly lower on Wall Street after signs emerged that Americans are spending at a slower pace and that China’s economy may be in worse shape than previously thought.
American shoppers slowed their spending in June, resulting in tepid sales for many retailers. Target’s stock fell 1 percent after reporting that its sales rose less than analysts were expecting, while discount store operator Fred’s Inc. fell 4.5 percent.
The Dow Jones industrial average closed down 47 points at 12,897 on Thursday. The Standard & Poor’s 500 fell six points to 1,368. The Nasdaq composite was a fraction higher at 2,976.
Falling stocks narrowly outpaced rising ones on the New York Stock Exchange. Volume was thinner than average at 2.9 billion shares.