Stocks slip in afternoon trading; oil prices surge

Source: AP-EXCITE

By BERNARD CONDON

NEW YORK (AP) — U.S. stocks edged lower in afternoon trading on Thursday after a report showed that retail sales rose less than forecast in May. A separate report showed that more Americans filed for unemployment benefits last week. The price of oil surged amid renewed violence in Iraq.

KEEPING SCORE: The Dow Jones industrial average fell 75 points, or 0.4 percent, to 16,768 as of 1:20 p.m. Eastern time. The Nasdaq slipped 27 points, or 0.6 percent, to 4,305. The Standard & Poor's 500 was down ten points, or 0.5 percent, to 1,934.

A lower S&P 500 at the close would make three down days in a row for the broad index. The last time that happened was two months ago.

NEWS ON THE ECONOMY: U.S. retail sales rose for a fourth straight month in May, but the growth was slightly below economists' forecasts. The Commerce Department said consumer spending rose 0.3 percent last month, helped by a surge in auto demand, but shy of the 0.4 percent increase that economists expected.

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Read more: http://apnews.excite.com/article/20140612/us-wall-street-1b172df4a0.html

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FILE - In this Feb. 10, 2011 file photo, American flags fly in front of the New York Stock Exchange, in New York. Asian stock markets fell for a second day Thursday June 12, 2014 and European shares drifted as a dimmer outlook for global growth this year gave investors a reason to lock in recent gains. (AP Photo/Mark Lennihan, File)