Stocks Ended the Week with Steep Losses

U.S. stocks closed more than 1% on Friday to end the week with steep losses, pressured by a continued decline in oil prices and soft reports on the health of the consumer. The Dow Jones Industrial Average dropped 202.83 points, or 1.16%, to 17,245.24 and was 3.7% lower on the week. The S&P 500 fell 22.93 points, or 1.12%, to 2,023.04 and recorded a 3.6% loss over the week. The Nasdaq Composite was down 77.20 points, or 1.54%, to
4,927.88 and lost 4.3% over the week.

Lackluster retail sales in October, following a summer of slow spending, could spell trouble for the holiday season. Last month, retail sales rose 0.1% compared with October 2014, the Commerce Department said Friday

U.S. retail sales rose less than expected in October amid a surprise decline in automobile purchases, suggesting a slowdown in consumer spending that could temper expectations of a strong pickup in fourth-quarter economic growth.

Oil futures settled with a loss of about 8% for the week as a growing glut of global crude supplies. December crude settled at $40.74 a barrel on the New York Mercantile Exchange, down $1.01, or 2.8%, for the session.

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