US: Stocks fall after mixed retailer results
WALL Street stocks declined on Tuesday following mixed results from retailers as markets took a breather after a three-week rally.
Federal Reserve minutes showed policy makers believe interest rates could remain elevated “for some time,” but analysts said the bigger factor in Tuesday’s down session was the sense that the market was overbought.
“We’ve seen a sizable move higher over the last month with impressive gains, so it’s not too surprising to see a pause to digest those gains,” said Angelo Kourkafas of Edward Jones.
“Markets don’t move in a straight line.”
The Dow Jones Industrial Average ended down 0.2 per cent at 35,088.29.
The broad-based S&P 500 shed 0.2 per cent to 4,538.19, while the tech-rich Nasdaq Composite Index dropped 0.6 per cent to 14,199.98.
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Several prominent retailers disappointed investors with results or downcast forecasts.
These included Lowe’s, down 3.1 per cent, Kohl’s, down 8.6 per cent, and American Eagle Outfitters, down 15.8 per cent. Chains that rose after results included Dick’s Sporting Goods, up 2.2 per cent and Burlington Stores, up 20.7 per cent.
The results come ahead of the “Black Friday” kickoff of the holiday shopping season.
Stock markets will be closed for Thursday’s Thanksgiving holiday and will finish early on Friday. AFP
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