20 May '11, 9pm

US stocks sink on retailer weakness, Greek debt

NEW YORK - US stocks tumbled Friday as investors weighed falling profits at clothing retailers Gap and Aeropostale and a downgrade on Greece's massive debt. The Dow Jones Industrial Average slid 93.28 points (0.74 percent) to end the day at 12,512.04. The broader S&P 500 dropped 10.33 points (0.77 percent) to 1,333.27, while the tech-heavy Nasdaq Composite shed 19.99 points (0.71 percent) at 2,803.32. Both the Dow and the S&P 500 had posted gains the prior two days. "Stocks ended the week on a down note, digesting the lower guidance due to higher input costs reported by retailers Gap Inc and Aeropostale, as well as continued worries about the eurozone debt crisis," Charles Schwab analysts said in a client note. Eurozone debt worries again were in focus after Fitch Ratings slashed Greece's credit rating by three notches, citing the bailed-out country's massive challenges in...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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