Stocks Fall on News of Weak December Retail Sales
Posted on January 14, 2015
Retail sales were down over the holiday. A new report from the Department of Commerce says retail and food sales fell 0.9% in December 2014 from November 2014. Sales were up 3.2% from the prior year. However, much of the growth was from automobile sales as you can see in the chart above.You can view the complete report here in a PDF file. Reuters reports that the 0.9% drop was the biggest decline in retail sales in 11 months. Overall retail sales (including automotive sales) were up 4% in 2014 compared to 2013 but the drop over the crucial holiday sales period is concerning.
The DOW was down by over 200 points earlier but has rallied some and is down about 155 points (-0.88%) as of this writing.