Weak retail, debt crisis weigh on stocks
A trader gazes Monday at the screens of information surrounding the floor of the New York Stock Exchange. The markets fell on concerns over retailers' expectations for the next quarter and continuing turmoil in the European debt crisis. (Nov. 14, 2011) Credit: Getty Images
Markets opened mixed on Wall Street Monday, then fell slightly, weighed down by U.S. retailers' reports of lower results and by the European debt crisis.
J.C. Penney Co. fell 1 percent after reporting a quarterly loss that reflected restructuring costs. It lowered its earnings outlook for the rest of the year.
At the close, the Dow Jones industrial average was down 74.70 points, or 0.61 percent, to 12,078.98. The Standard & Poor's 500 index ended off 12.07 points, or 0.96 percent, to 1,251.78. The Nasdaq composite dropped 21.53, or 0.80 percent, to 2,657.22.
European markets were mostly lower as traders looked ahead to the challenges as the region tries to contain its debt crisis. New governments are taking over in Greece and Italy, currently at the center of the crisis. Italy managed to sell five-year bonds to investors and raise $4.1 billion, but the 6.29 percent interest rate was the highest since 1997.
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