“U.S. stocks slid on Friday after a record slump in retailers’ sales last month heightened concerns about a protracted economic downturn and an ailing consumer appetite,” Leah Schnurr reports for Reuters.
“Stocks were unable to follow up on Thursday’s dramatic rebound after the S&P 500 and Nasdaq touched fresh five-year lows as analysts said worries over how deep the slowdown could be remained in the forefront,” Schnurr reports.
“A Commerce Department report showed retail sales dropped 2. 8 percent in October as consumers curbed their spending amid recession fears, but part of the drop was due to falling gas prices. The ability for the consumer to keep spending is at the heart of economic activity and consumer profits,” Schnurr reports.
“On the Nasdaq, Sun Microsystems was up 4.4 percent at $4.26 after the computer maker said it will slash as many as 6,000 jobs to mitigate the impact of faltering global demand,” Schnurr reports. “Cellphone maker Nokia warned about its outlook, which weighed on technology shares. Apple was the biggest drag on the Nasdaq, falling 5 percent to $91.60.”
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