Stocks sink after retail sales slip, China slows

Source: AP-Excite

By MATTHEW CRAFT and JOE McDONALD

NEW YORK (AP) — Signs of weakness in China's economy and a weak start to the holiday shopping season knocked the stock market lower on Monday.

KEEPING SCORE: The Standard & Poor's 500 index fell 17 points, or 0.8 percent, to 2,051 as of 11:05 a.m. Eastern time. The Dow Jones industrial average dropped 62 points, or 0.4 percent, to 17,765, while the Nasdaq composite fell 64 points, or 1.3 percent, to 4,727.

HOLIDAY SHOPPING: Earlier sales, more online shopping and a mixed economy meant fewer Americans showed up to shop over Thanksgiving weekend, the National Retail Federation said Sunday. The trade group estimated that total spending for the weekend totaled $50.9 billion, down 11 percent from last year.

REACTION: Major retail stocks slumped. Macy's lost $1.41, or 2 percent, to $63.50, and Target fell $1.21, or 2 percent, to $72.81. Best Buy lost $2.50, or 6 percent, to $36.90.

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FILE - This July 15, 2013 file photo shows the New York Stock Exchange in New York. The stock market is opening lower Monday, Dec. 1, 2014, following more signs of weakness in China's economy and disappointing U.S. retail sales over Thanksgiving weekend. (AP Photo/Mark Lennihan, File)


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