Stocks Closed Lower, Weighed Down by Retailers

U.S. stocks closed lower on Thursday, weighed down by weakness in retailers, as third-quarter economic growth was revised upwards but durable goods orders declined. The Dow Jones Industrial Average was down 23.08 points, or 0.12%, to 19,918.88. The S&P 500 fell 4.22 points, or 0.19%, to 2,260.96. The Nasdaq Composite declined 24.01 points, or 0.44%, to 5,447.42.

Retail stocks fell after CNN reported Trump’s transition team is considering a tariff of as much as 10 percent on imports. The S&P 500 consumer discretionary index .SPLRCD lost 1.01 percent, its biggest one-day decline since October.

The Commerce Department said the economy expanded at a seasonally adjusted 3.5% annualized rate in the third quarter. This is above the government’s prior estimate of 3.2% due to upward revisions in consumer spending and business investment.

Orders for big-ticket U.S. goods sank last month for the first time in five months, according to government data released Thursday. The Commerce Department reported that orders for durable goods fell 4.6% in November, led by a plunge in order from Boeing Co.

Crude-oil futures settled firmly higher Thursday, bouncing back after slumping a day earlier on reports of a surprise buildup in U.S. inventories. West Texas Intermediate crude for delivery in February picked up 46 cents, or 0.9%, to $52.95 a barrel. February Brent crude added 59 cents, or 1.1%, to $55.05 a barrel.

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