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Retailers pull stocks lower on poor holiday sales

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Posted: Dec 26, 2012 10:59 AM
Source: Associated Press

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NEW YORK - Retailers are pulling stocks lower on Wall Street following disappointing news about the holiday shopping season.

The Dow Jones industrial average fell 59 points to 13,079 shortly before noon Wednesday.

The Standard & Poor's 500 index fell nine points to 1,417 and the Nasdaq composite lost 26 points to 2,986.

Discouraging news on holiday sales sent retailers lower. Macy's and Urban Outfitters each lost 3 percent.

In the two months before Christmas, sales of electronics, clothing, jewelry and home goods increased just 0.7 percent compared with the same period last year, according to The MasterCard Advisors SpendingPulse report.

That's well below the growth of 3 to 4 percent growth that analysts had expected and the worst performance since 2008.

Trading was relatively quiet. European markets were still closed.

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