“The Dow Jones Industrial Average was down 39 points, or 0.3%, to 12835 in midmorning New York trade. The Standard & Poor’s 500-stock index was down 5.4 points, or 0.4%, to 1346 and the Nasdaq Composite was down 11 points, or 0.4%, to 2920,” Berthelsen and Dieterich report. “Nine of the S&P’s 10 sectors were in the red, led lower by financials and materials. Bank of America led blue chips lower, down 2.8%, followed by Aloca, down 1.9%.”
“The Commerce Department reported U.S. retail sales rose 0.4% in January to a seasonally adjusted $401.4 billion,” Berthelsen and Dieterich report. “Economists surveyed by Dow Jones Newswires expected an increase of 0.9%. The soft results were due in part to a plunge in vehicle purchases, an indication that consumers may remain cautious amid a still-shaky economy.”
Berthelsen and Dieterich report, “In corporate news, shares of Apple edged up 0.2%, after Dow Jones Newswires reported the company is testing a new tablet computer with a smaller screen, as it looks to broaden its product pipeline.”
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MacDailyNews Take: Apple has over 25% of January’s seasonally adjusted U.S. retail sales in cash on hand.
Apple, suppliers test iPad with smaller 8-inch screen, sources say – February 14, 2012