US Stocks Mostly Slide as Retail Suffering Continues – ABC News

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Stocks are mixed Friday morning as investors wrap up a turbulent week on Wall Street. Department store companies continued to report plunging first-quarter sales, but the government reported that overall retail sales improved in April.

KEEPING SCORE: The Dow Jones industrial average gave up 45 points, or 0.3 percent, to 17,676 as of 10:03 a.m. Eastern time. The Standard & Poor’s 500 index fell four points, or 0.2 percent, to 2,059. The Nasdaq composite index rose two points, or 0.1 percent, to 4,739. The Dow is down slightly this week and the S&P 500 and Nasdaq are both slightly higher. Utilities and consumer stocks are down the most and technology stocks are up the most, a reverse from a day earlier.

RETAIL WRECKAGE: Nordstrom slashed its annual projections and said a key measure of sales fell for the first time in almost seven years. Nordstrom’s stock tumbled $6.59, or 14.6 percent, to $38.64.

J.C. Penney’s sales fell short of analyst estimates, sending its stock down 29 cents, or 3.7 percent, to $7.51. Dillard’s lost $2.74, or 4.5 percent, to $57.90 after it also posted disappointing profit and sales. This week Macy’s and Kohl’s have also posted weak results, while Gap reported weak April sales and also cut its projections.

SILVER LINING: The Commerce Department said total retail sales in the U.S. grew 1.3 percent in April, much more than analysts expected. The government’s figures include spending on cars as well as shopping at department stores, and it said auto sales rose 3.2 percent and online purchases increased 2.1 percent. Clothiers, restaurants, sporting goods stores, grocers and gas stations saw better sales. So did department stores.

BURGER BOUNTY: Shake Shack’s profit and sales beat estimates, in part because consumers snapped up its new fried chicken sandwich. The burger chain raised its estimates for sales and said it will open more stores than it previously planned. The stock gained $2.14, or 6.2 percent, to $36.40.

FEELING CHIPPER: Graphics chip and processor maker Nvidia surpassed Wall Street forecasts in the first quarter, and its stock jumped $4.40, or 12.4 percent, $39.97.

ENERGY: Benchmark U.S. oil fell 86 cents, or 1.8 percent, to $45.86 a barrel in New York, while Brent crude, the benchmark for international oil prices, lost 65 cents, or 1.4 percent, to $47.42 a barrel in London.

OVERSEAS: Germany’s DAX rose 0.9 percent and the CAC-40 in France gained 0.6 percent. The FTSE 100 in Britain was 0.2 percent higher. Japan’s benchmark Nikkei 255 index lost 1.4 percent and South Korea’s Kospi shed 0.5 percent. Hong Kong’s Hang Seng fell 1 percent.

BONDS, CURRENCIES: U.S. government bond prices rose. The yield on the 10-year U.S. Treasury note dipped to 1.74 percent from 1.76 percent. The euro fell to $1.1298 from $1.1373 and the dollar inched up to 109.13 yen from 109.14 yen.


AP Markets Writer Marley Jay can be reached at His work can be found at