US Markets Slip On Weak Retail Sales Data (14-Jun-2012)
The US markets slipped on Wednesday, after Spain's credit rating was cut and data in the US and Europe fueled concern that global economy is slowing. Investors also focused on the Greek election outcome, meeting of G20 leaders next week and central bankers meeting next week in the US and in Japan. The Commerce Department reported that US retail sales fell 0.2% in May, in line with the prior month's revised percentage drop. US retail sales fell in May for the second month in a row, in two years as consumers spent less to fill up their gas tanks. Sales were also revised lower for April and March, with April's revision now showing a decline instead of an increase.
In Europe, Egan-Jones Ratings Company downgraded its sovereign rating on Spain further into junk as funding costs rise and the country's banking sector seeks financial aid. Egan-Jones cut its rating on Spain to CCC+ from B, right on the heels of a downgrade from BB- in late May. Besides, Euro-zone industrial output fell 0.8% on a monthly basis in April after declining 0.1% in March, according to a report released by Eurostat.
The Dow Jones industrial average lost 77.42 points, or 0.62 percent to end at 12,496.40. The Standard & Poor's 500 Index lost 9.30 points, or 0.70 percent, to 1,314.88, while the Nasdaq Composite Index was down 24.46 points, or 0.86 percent, to close at 2,818.61.
The Indian ADRs closed mixed on Wednesday; Tata Motors was down by 0.74%, HDFC Bank was down 0.59% and Infosys was down by 0.33%. On the flip side, Wipro was up 0.02% and MTNL was up 0.02%.
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