Stocks Closed Down Fourth-straight Session

U.S. stocks closed with losses for the fourth straight session on Wednesday as a deepening commodities rout and an unexpected drop in American retail sales fueled concern over growth. The Dow Jones industrial average fell 186.59 points, or 1.06%, to 17,427.09. The S&P 500 lost 11.76 points, or 0.58%, to 2,011.27. The Nasdaq Composite dropped 22.18 points, or 0.48%, to 4,639.32.

U.S. retail sales recorded their largest decline in 11 months in December as demand fell almost across the board, which could temper expectations for a sharp acceleration in consumer spending in the fourth quarter. The Commerce Department said on Wednesday retail sales fell 0.9 percent last month after a 0.4 percent increase in November.

A Federal Reserve survey showed most regions saw “modest” or “moderate” economic growth driven by gains in consumer spending, while the energy-rich Dallas district slowed as oil prices plunged.

Crude-oil futures rebounded Wednesday, snapping a three-day losing streak and gaining the most in one day, in terms of percentage, since June 2012. Oil for February delivery, the front-month contract, rose $2.59, or 5.6%, to settle at $48.48 a barrel on the New York Mercantile Exchange.