Wall Street Tumbles amid Dismal Economic Data

Wall Street suffered steep losses Monday, as investors cashed in some of their gains from the big rally in the previous week and key economic reports showed economic slowdown.

Retail sales data failed to boost the market. According to preliminary calculation by RCT ShopperTrak, a research firm that tracks total retail sales at more than 50,000 outlets, sales rose 3 percent on Black Friday, which is traditionally one of the biggest shopping days of the year, showing that consumers are cautious as the economy slows down.

Anxiety about the economy also weighed on stocks. The U.S. Institute for Supply Management posted its index of manufacturing activity fell to a 26-year low in November. Meanwhile, the U.S. Commerce Department said construction spending dropped by 1.2 percent in October, bigger than the 0.9 percent decline analysts had expected.

The Dow Jones fell 392.50 to 8,436.22. Broader indexes also moved sharply lower. The Standard & Poor's 500 index fell 47.23 to 849.01, and the Nasdaq dipped 83.18 to 1,452.39.

Source: CRIEnglish