NEW YORK (AP) — Sharp declines in retailers are dragging stocks lower as the market heads for its first losing week after six straight weeks of gains.
Investors punished retail stocks Friday after another department store chain, Nordstrom, missed earnings estimates and cut its forecast.
Nordstrom sank 17 percent. Other retailers also fell sharply. Macy’s delivered its own disappointing results and forecast earlier this week. That raised worries that sales could be weak this holiday season.
The Dow Jones industrial average fell 140 points, or 0.8 percent, to 17,302.
The Standard & Poor’s 500 index lost 15 points, or 0.7 percent, to 2,030. The Nasdaq composite fell 48 points, or 1 percent, to 4,957.
Oil prices fell again. U.S. crude sank three percent to $40.60 a barrel in New York.
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