April 16, 2012- Stocks Close Mixed on Euro Concerns

Stocks turned in a mixed performance on Monday following the release of a mixed batch of U.S. economic data. Uncertainty about the outlook for corporate earnings also impacted trading along with renewed concerns about the European debt crisis. While the Dow managed to remain positive throughout the session, the Nasdaq and the S&P 500 closed in the red. The Dow rose by 71.82 points or 0.6 percent to 12,921.41, while the Nasdaq fell 22.93 points or 0.8 percent to 2,988.40 and the S&P 500 edged down 0.69 points or 0.1 percent to 1,369.57. Initial buying interest was generated by the release of a report from the Commerce Department showing much stronger than expected retail sales growth in the month of March. The report showed that retail sales rose by 0.8 percent in March following a revised 1.0 percent increase in February. Economists had been expecting retail sales to increase by a much more modest 0.3 percent. Excluding a 0.9 percent increase in auto sales, retail sales still rose by 0.8 percent in March compared to a 0.9 percent increase in the previous month. However, disappointing New York manufacturing data helped to offset the positive sentiment, with a report from the New York Federal Reserve showing that its index of regional manufacturing fell by much more than anticipated in the month of April.