US stocks crumble, with Dow falling more than 300 points after December retail sales badly miss estimates
- The sell-off in US stocks continued on Friday after December retail sales badly missed estimates.
- US retail sales dropped 1.9% in December from the prior month, while economists expected a drop of only 0.1%.
- The decline sales came amid the Omicron virus surge, rising inflation, and an earlier-than-usual holiday shopping season.
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The sell-off in US stocks continued on Friday, with the Dow Jones falling more than 300 points after December retail sales badly missed estimates.
US retail sales dropped 1.9% in December from the prior month, well below economists' expectations for a decline of only 0.1%. The weak results follow November's print of a 0.2% gain in sales. The weak sales last month came amid the Omicron virus surge, rising inflation, and an earlier-than-usual holiday shopping season due to logistical concerns.
Here's where US indexes stood shortly after the 9:30 a.m. ET open on Friday:
- S&P 500: 4,628.94, down 0.65%
- Dow Jones Industrial Average: 35,754.50, down 0.99% (359.12 points)
- Nasdaq Composite: 14,739.62, down 0.45%
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Gold rose as much as 0.23% to $1,825.50 per ounce. The yield on the 10-year Treasury rose 3 basis points to 1.74%.
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