Dow and S&P Posted Third Weekly Drop

U.S stocks tumbled on Friday, notching another weekly loss for the three main benchmarks, as a strong report on U.S. retail sales failed to assuage investor worries about the troubled sector. The Dow Jones Industrial Average dropped 185.18 points, or 1.05%, to 17,535.32 and booked a 0.5% weekly loss. The S&P 500 was down 17.50 points, or 0.85%, to 2,046.61 and booked a 0.5% weekly losses. The Nasdaq Composite declined 19.66 points, or 0.41%, to 4,717.68 and recorded a 0.4% weekly drop.

U.S. retail sales in April recorded their biggest increase in a year as Americans stepped up purchases of automobiles and a range of other goods, suggesting the economy was regaining momentum after growth almost stalled in the first quarter.

Honda Motor Co posted a quarterly loss on Friday, hit by massive recall costs for Takata air bags but forecast a rebound this year as it took dramatic steps to put the debacle behind it. For the three months ended March 31, Honda posted a net loss of 93.4 billion yen ($860 million), dashing expectations of a 115.35 billion yen profit.

McDonald’s Corp. is testing Quarter Pounders made with fresh beef in Dallas, rather than frozen, which could foretell one of the biggest shifts in product specifications in the chain’s history.

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