Re­tail­ers pull stocks lower on hol­i­day sales

Austin American-Statesman - - BUSINESS -

NEW YORK — U.S. stocks fell Wed­nes­day for the third trad­ing day in a row. Dis­ap­point­ing hol­i­day sales weighed heavy on re­tail com­pa­nies, and the un­wel­come “fis­cal cliff” package of higher taxes and lower government spend­ing loomed nearer.

The Dow Jones in­dus­trial av­er­age slipped 24 points to 13,114. The Stan­dard & Poor’s 500 in­dex fell 6 points to 1,419 and the Nas­daq lost 22 points to 2,990.

Karyn Ca­vanaugh, mar­ket strate­gist with ING In­vest­ment Man­age­ment in New York, wrote a note to clients Wed­nes­day high­light­ing the less-than-merry re­tail sales. “I hope that they’re read­ing this from the mall,” she said later, “be­cause re­tail sales could use a boost.”

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