US stocks retreat despite good retail sales data
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Traders work on the floor of the New York Stock Exchange in New York City.
PHOTO: REUTERS
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NEW YORK – Wall Street stocks retreated on Dec 17 despite solid US retail sales data as markets awaited a Federal Reserve interest-rate decision.
The tech-rich Nasdaq pulled back from its record in the prior session and was joined lower by the S&P 500 and the Dow, which fell for its ninth straight session.
“This is just sort of a pause here,” said Mr Art Hogan, of B. Riley Wealth Management, who noted equities had rallied after the US presidential election.
The Dow Jones Industrial Average finished down 0.6 per cent at 43,449.90.
The broad-based S&P 500 declined 0.4 per cent to 6,050.61, while the Nasdaq Composite Index shed 0.3 per cent to 20,109.06.
The Fed is widely expected to cut interest rates again on Dec 18.
If the US central bank’s monetary policy outlook projects additional cuts in 2025 in line with expectations, Mr Hogan said stocks could rally on Dec 18; but a disappointing forecast could send stocks lower.
US retail sales rose 0.7 per cent in November from a month earlier, up from a revised 0.5 per cent in October and above analysts’ forecasts.
Analysts attributed the positive numbers in part to the speedy resolution of the US presidential contest.
Among individual companies, Pfizer jumped 4.8 per cent as it projected slightly higher profits in 2025 compared with 2024.
Online e-commerce platform eBay won 0.9 per cent after announcing the board authorised an additional 43 billion for share repurchases. AFP
