Stock Market Defensive as Lackluster Holiday Sales, Strong Manufacturing Data Result in Modest Loss


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Stocks limped into the close again today, driven into the red by disappointing holiday sales and bullish economic data that investors fear will encourage the Federal Reserve to start paring back asset purchases sooner or more aggressively than anticipated. Selling pressure snowballed during the last 30 minutes of trading, pulling the major indices to fresh intra-day lows. The Nasdaq closed in negative territory for the first time in seven days.

Retailers suffered the heaviest losses, especially Sears ( SHLD ), Urban Outfitters ( URBN ) and Wet Seal ( WTSL ), but the interest rate-sensitive homebuilding sector was also under water as a result of rising Treasury yields. The yield on the 10-year Treasury note rose to 2.80% for the first time in 6 weeks.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Commodities
More Headlines for: SHLD , URBN , WTSL

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