US retail sales fall again in April

Recent Outbreaks Posted on

Wall Street fell sharply in early trading Wednesday after the government reported weaker-than-expected retail sales in April.


The market has put a two-month rally on hold amid concern that an economic recovery won't come as fast as once hoped. The disappointing retail sales report added to investors' uneasiness.

The Commerce Department said retail sales fell 0.4 percent. Economists had forecast sales would be flat for the month. March sales figures were revised lower as well, to a decline of 1.3 percent from a previous estimate of 1.1 percent.

Consumer spending accounts for about two-thirds of economic activity. Without improved spending, the economy is more likely to remain mired in a recession.

In morning trading, the Dow Jones industrial average fell 141.29, or 1.67 percent, to 8,327.82. The broader Standard & Poor's 500 index fell 15.14, or 1.67 percent, to 893.21, while the Nasdaq composite index declined 24.92, or 1.45 percent, to 1,691.00.

The market is "unwilling to absorb anymore good news, so it's absorbing some bad news," Joe Clark, managing director of Financial Enhancement Group in Anderson, Ind., said of the retail sales data and the market's pullback in recent days. "The consumer is not broke, just unwilling to spend in some areas."

However, Clark did note the market is unlikely to test the lows seen in early March before the rally began.

Legal News Media

Legal News is the top headline legal news provider for lawyers and legalprofessionals. Read law articles and breaking news from law firm's across the United States to get the latest updates. We reserve the right, at our discretion, to change, modify, add, or remove portions of the site at any time. Your This site is solely for your personal use. You are, of course, welcome to print or otherwise copy material from this site for your personal use. However, you may not distribute, exchange, modify, sell or transmit anything you copy from this Site, including but not limited to any text, images, audio and video, for any business, commercial or public purpose. Any unauthorized use of the text, images, audio and video may violate copyright laws, trademark laws, the laws of privacy and publicity and civil and criminal statutes.

 

American Bar Association – Start and Run a Law Firm

NewYorkStateBar.com – Starting a Law Firm

Lawyer Website Designs