Stocks finished lower on Tuesday after Staples, Urban Outfitters and other major retailers reported disappointing quarterly results. The selling spree wiped out small gains from a day earlier.
The downturn in retail stocks came in a slow week for economic news and ahead of the Memorial Day weekend, which contributed to lighter-than-usual trading volumes. The weakness stirred fresh concerns about the retail sector and the outlook for consumer spending in the U.S.
The Dow Jones industrial average fell 137.55 points, or 0.8 percent, to 16,374.31.
The Standard & Poor’s 500 index dropped 12.25 points, or 0.7 percent, to 1,872.83.
The Nasdaq composite slid 28.92 points, or 0.7 percent, to 4,096.89.
For the week:
The Dow Jones industrial average fell 117 points, or 0.7 percent.
The Standard & Poor’s 500 index slipped 5.03 points, or 0.3 percent.
The Nasdaq composite rose 6.30 points, or 0.2 percent.
For the year:
The Dow is down 202.35 points, or 1.2 percent.
The S&P 500 index is up 24.47 points, or 1.3 percent.
The Nasdaq is down 79.70 points, or 1.9 percent