Stocks Opened Lower on Global Economic Worries

U.S. stocks dropped at the open on Wednesday, as worries over weak economies globally continued to pressure commodities and as U.S. retail sales for December fell short of expectations. The Dow Jones industrial average lately fell 205.28 points, or 1.17%, to 17,408.40. The S&P 500 lost 19.76 points, or 0.98%, to 2,003.27. The Nasdaq Composite dropped 32.78 points, or 0.70%, to 4,628.72.

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.

U.S. import prices recorded their biggest drop in six years in December as the cost of petroleum plunged, keeping imported inflation pressures subdued. The Labor Department said on Wednesday import prices fell 2.5 percent last month, the largest decline since December 2008, after falling 1.8 percent in November.

JPMorgan Chase on Wednesday reported an unexpected drop in profit during a sluggish fourth quarter. The bank said its earnings fell 7 percent, to $4.9 billion, or $1.19 a share, from $5.6 billion, or $1.30 a share, in the period a year earlier. Net revenue at the bank dropped 3 percent, to $22.5 billion, from the fourth quarter of 2013.

Wells Fargo & Co. posted a 1.8% rise in fourth-quarter net income as the bank saw stronger loan growth, overshadowing an increase in expenses. Wells Fargo reported net income of $5.71 billion, compared with year-earlier income of $5.61 billion.

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