Stocks end week with late tumble – Times Herald-Record

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NEW YORK — A late slump Friday pulled U.S. stocks to their third straight weekly loss. Companies that make clothing, food and household goods dropped on more bad news from retailers, and energy companies fell with the price of oil.

Stocks started falling just before noon and continued to slump the rest of the day. Machinery and equipment companies took some of the biggest losses. Retailers fell again after Nordstrom and J.C. Penney became the latest department store operators to report plunging first-quarter sales. Bond prices jumped and yields fell, which hurt bank stocks.

“The rebound and recovery rally has largely run its course,” said Mike Ryan, chief investment strategist for UBS Wealth Management Americas. With investors worrying about weak corporate profits, the health of the global economy and the Federal Reserve’s plans, Ryan said “It’s going to be more of a grind” in the coming months.

The Dow Jones industrial average gave up 185.18 points, or 1.1 percent, to 17,535.32. The Standard & Poor’s 500 index fell 17.50 points, or 0.8 percent, to 2,046.61. The Nasdaq composite index lost 19.65 points, or 0.4 percent, to 4,717.68.

A Commerce Department released Friday confirmed that consumers are spending more, just not at department stores. Sales at those stores have fallen 2 percent over the last year while online and catalog sales have jumped 10 percent. Nordstrom tumbled 19 percent this week, while Macy’s and Kohl’s, which reported first-quarter results earlier in the week, fell 17 percent and 14 percent, respectively.