Retailers pull stocks lower on holiday sales
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.”