June 13, 2012-Stocks Close Lower on Weak US Retail Data and Euro Election Concerns

After showing a lack of direction for much of the session on Wednesday, stocks came under considerable selling pressure in the latter part of the trading day. Lingering concerns about the situation in Europe and the outlook for the U.S. economy weighed on the markets. The major averages edged up off their worst levels going into the close but remained stuck firmly in negative territory. The Dow fell 77.42 points or 0.6 percent to 12,496.38, the Nasdaq slid 24.46 points or 0.9 percent to 2,818.61 and the S&P 500 dropped 9.30 points or 0.7 percent to 1,314.88. The weakness that emerged on Wall Street was partly due to concerns about the U.S. economic outlook following the release of a report from the Commerce Department showing the second consecutive monthly decrease in U.S. retail sales. The report said retail sales edged down by 0.2 percent in May, matching the revised decrease seen in April. The modest drop in sales came in line with economist estimates. Excluding a 0.8 percent increase in sales by motor vehicle and parts dealers, retail sales fell by a steeper 0.4 percent in May compared to a 0.3 percent decrease in April.