Dont you guys believe that those explanations on why stocks market goes up ad down by newspapers get more and more ridiculous? Get at this guy beliving that walmart single handlely brough the markets down? No it couldnt be the overextensive rally which needed a pullback.....no not at all.
AP
Stocks Fall After Wal-Mart's Sales
Monday November 27, 11:31 am ET
By Tim Paradis, AP Business Writer
Stocks Fall As Wal-Mart Posts Same-Store Sales Decline
NEW YORK (AP) -- Wall Street suffered a sharp pullback Monday as investors returned from the Thanksgiving weekend with questions about the strength of the retail sector following a rare sales decline at Wal-Mart Stores Inc.
Investors were uneasy after news that Wal-Mart, the world's largest retailer, suffered a 0.1 percent drop in same-store sales, those from stores open at least a year. Same-store sales are the industry standard for assessing a retailer's strength, and while retail sales overall were strong last weekend, Wal-Mart's deficit raised concerns about the strength of consumer spending during the holiday season.
"There is now significant concern that the holiday retail season is going to underperform," said Gregory Miller, chief economist at SunTrust Banks. "Traffic doesn't necessarily translate into profits," he said, referring to reports of crowded stores over the weekend.
In late morning trading, the Dow Jones industrial average fell 118.65, or 0.97 percent, to 12,161.52. Recently, 26 of the 30 components that make up the Dow were trading lower.
Broader stock indicators also declined. The Standard & Poor's 500 index was down 12.57, or 0.90 percent, at 1,388.38, and the Nasdaq composite index fell 40.31, or 1.64 percent, or 2,419.95.
http://biz.yahoo.com/ap/061127/wall_street.html?.v=14
AP
Stocks Fall After Wal-Mart's Sales
Monday November 27, 11:31 am ET
By Tim Paradis, AP Business Writer
Stocks Fall As Wal-Mart Posts Same-Store Sales Decline
NEW YORK (AP) -- Wall Street suffered a sharp pullback Monday as investors returned from the Thanksgiving weekend with questions about the strength of the retail sector following a rare sales decline at Wal-Mart Stores Inc.
Investors were uneasy after news that Wal-Mart, the world's largest retailer, suffered a 0.1 percent drop in same-store sales, those from stores open at least a year. Same-store sales are the industry standard for assessing a retailer's strength, and while retail sales overall were strong last weekend, Wal-Mart's deficit raised concerns about the strength of consumer spending during the holiday season.
"There is now significant concern that the holiday retail season is going to underperform," said Gregory Miller, chief economist at SunTrust Banks. "Traffic doesn't necessarily translate into profits," he said, referring to reports of crowded stores over the weekend.
In late morning trading, the Dow Jones industrial average fell 118.65, or 0.97 percent, to 12,161.52. Recently, 26 of the 30 components that make up the Dow were trading lower.
Broader stock indicators also declined. The Standard & Poor's 500 index was down 12.57, or 0.90 percent, at 1,388.38, and the Nasdaq composite index fell 40.31, or 1.64 percent, or 2,419.95.
http://biz.yahoo.com/ap/061127/wall_street.html?.v=14