Wednesday, May 13, 2009
After its dizzying climb, Wall Street is looking at the economy more skeptically.
Stocks retreated more than 2% and bond prices rose after two reports showed that the economy is not bouncing back as quickly as investors hoped.
The Commerce Department said retail sales fell 0.4% in April, while RealtyTrac Inc. reported a troubling rise in home foreclosures.
According to preliminary calculations, the Dow Jones industrial average is down 184 points, or 2.2%, at 8,284.89.
The Standard & Poor's 500 index is down 24.44, or 2.7%, at 883.91, while the Nasdaq composite index is down 51.73, or 3%, to 1,664.19.