Pursuits
U.S. Stocks Decline as Retail Sales Data Add to Growth Concern
- Cisco Systems weighs on technology shares, Retailers tumble
- S&P 500 Index posts its worst weekly drop since August
What Did We Learn About Retail Today?
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U.S. stocks declined, capping their first weekly drop since September, after weaker-than-expected retail sales data added to concern that growth remains uneven as policy makers consider raising interest rates as soon as next month.
Retailers and apparel companies led the drop after Nordstrom Inc.’s results missed analysts’ estimates, sending its shares down 15 percent. Cisco Systems Inc. slumped 5.8 percent, dragging technology companies lower after its outlook disappointed. Energy shares sank as oil fell to its lowest in more than two months.