Economic Data, Europe Concerns Push Stocks Lower
Stocks are closing lower after investors were rattled by mixed economic data and concerns about Europe.
Big retailers such as Costco, Macy’s and Target said Thursday that sales in April were disappointing. Colder weather and renewed worries about the U.S. economy weighed on shoppers.
GM shares fell 2 percent after the automaker said weakness in Europe caused its first-quarter profit to decline. Traders fear U.S. exporters including GM will be hurt as the recession in Europe deepens.
The Dow Jones industrial average closed down 62 points at 13,207. The Standard & Poor’s 500 index closed down 11 at 1,392. The Nasdaq composite index finished down 36 at 3,024.
About seven stocks fell for every three that rose on the New York Stock Exchange. Volume was average.
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