Stocks Started in Red Despite Retail Data

U.S. stocks opened lower on Monday, as investors weighed figures showing consumers spent more than expected in April against  news that the Federal Reserve has mapped out a strategy for winding down its bond-buying program. The Dow Jones Industrial  Average lately fell 55.40 points, or 0.37%, to 15,063.09 and the S&P 500 index slipped 6.95 points, or 0.43%, to 1,626.75. The  Nasdaq Composite index declined 8.40 points, or 0.24%, to 3,428.18.

U.S. retail sales unexpectedly rose in April as households bought automobiles, building materials and a range of other goods,  pointing to underlying strength in the economy. The Commerce Department said on Monday retail sales edged up 0.1 percent after  a revised 0.5 percent decline in March.

China’s factory output growth was surprisingly feeble in April and fixed-asset investment slowed. Annual industrial output grew  9.3 percent last month, according to data released by the National Bureau of Statistics on Monday, up from a seven-month low  hit in March but still missing market expectations for a 9.5 percent expansion.

The special committee of Dell Inc’s (DELL.O) board on Monday asked Carl Icahn for details of his plans for the computer maker,  including how he would finance his offer and who would run the company. Last week Icahn and Southeastern Asset Management Inc  offered $21 billion in cash for Dell, challenging founder Michael Dell’s $24.4 billion bid to take the company private.

About the Author

has written 15682 stories on this site.

Write a Comment

Gravatars are small images that can show your personality. You can get your gravatar for free today!

You must be logged in to post a comment.

Copyright © 2012 Nine Stocks