Stocks Opened Lower after Downbeat Economic Data
-- Wednesday, May 15, 2019, 9:58 --
U.S. stocks opened lower on Wednesday, after a round of downbeat economic data. The Dow Jones Industrial Average lately fell 153.76 points, or 0.60%, to 25,378.29. The S&P 500 declined 12.23 points, or 0.43%, to 2,822.18. The Nasdaq Composite shed 22.21 points, or 0.29%, to 7,712.29.
U.S. retail sales declined last month as Americans cut back their spending on clothes, appliances, and home and garden supplies. Sales dropped 0.2% in April, the Commerce Department said Wednesday, after a big 1.7% jump in March.
Industrial production in April slumped 0.5%, the Federal Reserve announced Wednesday in a downbeat report that included downward revisions. Capacity utilization fell sharply to 77.9% from an upwardly revised 78.8%.
Retail sales, a proxy for consumer strength, rose 7.2% year-over-year in China, marking the weakest pace of growth since 2003 and underperforming against estimates for 8.6% growth. China’s industrial output rose 5.4% year-over-year in April, also missing expectations.