“The U.S. stock market resumed its weeklong descent, led by department stores and computer makers, after Macy’s Inc. cut its sales forecast and the government said consumer spending slowed last month,” Michael Patterson reports for Bloomberg.
“Macy’s, the owner of its namesake chain and Bloomingdale’s, tumbled the most in five years after saying same-store sales may drop in the fourth quarter and revenue will grow less than expected. Dell Inc., International Business Machines Corp. and Apple Inc. led technology shares to a fifth drop in six days,” Patterson reports.
“Macy’s forecast and a Commerce Department report showing a 0.5 percent decrease in department-store sales in October spurred concern that higher fuel bills and slumping home values will depress consumer spending in the holiday shopping season. Excluding gasoline, retail sales rose 0.1 percent, the smallest increase in four months,” Patterson reports.
“Dell, the world’s second-largest personal-computer maker, fell 60 cents to $27.61. IBM, the world’s second-biggest software maker, dropped $1.83 to $103.44. Apple, maker of Macintosh computers and iPod media players, declined $3.85 to $166.11,” Patterson reports.
Full article here.