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Stocks slide amid concerns about Wal-Mart sales, falling dollar |
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Written by asap
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Tuesday, 28 November 2006 |
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Wall Street had a terrible, no good, very bad day on Monday — its worst day in more than four months.
The Dow Jones industrial average finished with a loss of about 158 points.
Investors were uneasy after the dollar fell for the fifth straight day and Wal-Mart reported a 0.1 percent drop in same-store sales. Same-store sales are the industry standard for assessing a retailer's strength. While overall retail sales appeared strong last weekend, Wal-Mart's first deficit in a decade raised concerns about the strength of consumer spending during the holiday season.
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THE NUMBERS
The Dow fell 158.46, or 1.29 percent, to 12,121.71, as 27 of the index's 30 blue chip stocks fell. It was the Dow's biggest slide since a string of triple-digit declines in mid-July that followed disappointing profit reports and a spike in oil prices. | Only registered users can write comments.
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