S&P 500 index 0.7% down on Wednesday

S&P 500 index retreated from  previous day's gains and fell on Wednesday as data showed 0.2% contraction in US retail sales in May. Investor sentiment worsened even more when Spain was downgraded by Moody's and Cyprus warned of need for bailout. S&P 500 lost 0.7% or 9.3 points and closed at 1,314.88. Progressive lost 4.4% after the fourth-biggest US auto insurer's claims costs surged above the firm's target. Sportswear giant Nike tumbled 5%.