Dow slid after dismal retail sales numbers

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Source: Dukascopy Bank SA
© Scanpix/AFP
US blue chips sank on Wednesday as dismal reports from the domestic economy and mounting concerns over Greek bailout dampened demand for riskier assets. US retail sales and PPI tumbled more-than-expected last month, indicating that economic recovery is under question. The Dow Jones Industrial Average Index plunged 1.45% to close at 12,570.95. Only one Dow company advanced. The only gainer was Cisco Systems, climbing 4.81%. Cisco Systems reported an 18% increase in earnings for the quarter ended on October 27 due to rigorous cost control. Among losers, industrials and basic materials dropped the most. Shares of 3M, Boeing and Caterpillar dropped 1.99%, 2.82% and 2.59%, respectively. Meanwhile, Alcoa and EI du Pont de Nemours shed 2.17% and 1.51%. AT&T slumped 0.5% after Fitch Ratings revised down its outlook on the firm from ‘stable' to ‘negative'. Home Depot lost 3.01% despite better Moody's outlook. Moody's raised its outlook on Home Depot from ‘stable' to ‘positive'.


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