US stocks drop on weaker retail salesBy DPA, IANS
Tuesday, February 15, 2011
NEW YORK - US stocks fell Tuesday as monthly retail sales disappointed investors.
The US Commerce Department reported retail sales rose 0.3 percent in January, the smallest gain since June and lower than the 0.5-percent increase expected by most analysts. The smaller increase was partly the result of major snow storms striking the central and eastern US.
The blue-chip Dow Jones Industrial Average fell 41.55 points, or 0.34 percent, to 12,226.64. But the broader Standard and Poor’s 500 Index dropped 4.31 points, or 0.32 percent, to 1,328.01. The technology-heavy Nasdaq Composite Index was down 12.83 points, or 0.46 percent, to 2,804.35.
The US currency was virtually unchanged against the euro to 74.15 euro cents from 74.14 euro cents Monday. The dollar rose against the Japanese currency to 83.77 yen from 83.31 yen the previous day.