Stocks Fall on Consumer Data

Weekly losses for Dow and S&P
By Nick McMaster,  Newser Staff
Posted Mar 28, 2008 3:47 PM CDT
Stocks Fall on Consumer Data
Shoppers load their purchases into their cars outside a Target store at the Kingston Mall in Kingston, Mass., in this June 13, 2007 file photo.    (AP Photo/Stephan Savoia, file)

Stocks erased morning gains on poor consumer spending news to wrap up today's session in negative territory. The Dow and the S&P 500 racked up weekly losses of 1.2% and 1.1%, Bloomberg reports. The Dow fell 86.38 today to close at 12,216.08. The Nasdaq fell 19.65 to 2,261.18, and the S&P 500 fell 10.54 to 1,315.22.

Gloomy news about personal consumption and JC Penney's Q1 earnings cranked up downward pressure on retail stocks. Macy’s, Kohl’s, and Tiffany took a hit. “There is just so much uncertainty out there,” said one analyst. “It's difficult to be bullish or buy unless you have really strong nerves.'' (More New York Stock Exchange stories.)

Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.