The US Stock Market Fell After Retail Statistics

The US Stock Market Fell After Retail Statistics

The US stock market fell on Wednesday after retail statistics, which did not meet investors' expectations. The day before, the S&P 500 closed at a record high, with markets encouraged by reports of further progress in the development of the Covid-19 vaccine. The S&P 500 fell 0.5 percent to 3,609.53 points, the Dow Jones 0.6 percent to 29,783.35 points and the Nasdaq 0.2 percent to 11,899.34 points.

Sales growth slowed

Sales of US retailers increased by only 0.3 percent in October after a strong increase of 1.6 percent in September. Sales grew the slowest since the spring, when pandemic measures forced the closure of much of the economy. Expectations associated with the discounts offered by retailers this year before the start of the Christmas shopping season have not been met. Retail trade was also negatively affected by the sharp rise in the number of new coronavirus infections throughout the country. The industry is also feeling the end of a program to help unemployed people who have received an extraordinary $ 600 a week bonus for unemployment benefits. The federal government stopped paying it in August.