NYSE:DOW – Dow ends down over 170 points after disappointing December retail gross sales

U.S. stock-market benchmarks completed decrease on Friday, reserving weekly losses after a 3rd straight drop in retail gross sales highlighted weak point in client spending on the flip of the 12 months. The Dow Jones Industrial Common
DJIA,
-0.57%
fell 177 points, or 0.6%, to 30,814, primarily based on preliminary numbers. The S&P 500
SPX,
-0.72%
slipped 0.7% to finish round 3,768. The Nasdaq Composite
COMP,
-0.87%
slid 0.9% to complete close to 12,999. For the week, the S&P 500 and Nasdaq each fell 1.5%, whereas the Dow shed 0.9%. The disappointing retail gross sales information added to the urgency of additional fiscal assist. President-elect Joe Biden unveiled a proposed $1.9 trillion stimulus package deal on Thursday night, however the invoice has drawn widespread skepticism amongst analysts who query the package deal’s viability. Traders additionally watched the unofficial begin to company earnings season, with JPMorgan Chase
JPM,
-1.79%
reporting income that beat expectations. Nevertheless, revenues for Citigroup
C,
-6.93%
and Wells Fargo
WFC,
-7.80%
fell in need of analyst estimates.