Wall Street fell in early trading Friday, after the previous session's huge rally and as investors digested slumping consumer spending.
The U.S. Commerce Department reported that retail sales plunged by the largest amount on record in October, falling 2.8 percent as the financial crisis weighed on consumer spending. Meanwhile, retailers Abercrombie & Fitch and JC Penney both warned that profits will go below Wall Street estimates.
Federal Reserve Chairman Ben Bernanke said the markets remain under "severe strain" during a speech in Frankfurt, Germany. He indicated that central bankers stand steady to take additional actions, signaling the Fed is open to a fresh interest rate cut.
The Dow Jones fell 140.02 to 8,695.23. Broader indexes also tumbled. The Standard & Poor's 500 index slipped 18.42 to 892.87; and the Nasdaq fell 37.30 to 1,559.40.
Source:Xinhua
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