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US stocks close mixed amid retail sales tumble

New York, Feb 15 (IANS) US stocks ended mixed as tech-related stocks’ strong performance offset part of the negative impact caused by the unexpected biggest fall of US retail sales in December 2018 in nine years.

The Dow Jones Industrial Average on Thursday fell 103.88 points, or 0.41 per cent, to 25, 439.39. The S&P 500 was down 7.30 points, or 0.27 per cent, to 2,745.73, Xinhua news agency reported.

The Nasdaq Composite Index rose 6.58 points, or 0.09 per cent, to 7,426.95.

Shares of Cisco rose nearly 2 per cent, after the US tech giant reported quarterly profit and revenue that exceeded analysts’ estimates.

Shares of Google’s parent Alphabet gained 0.05 per cent, after US investment bank Citigroup rated the company as its top pick in the latest ranking of US internet companies.

Shares of US internet entertainment service company Netflix also rose over 2 per cent.

However, shares of Amazon fell over 1 per cent, after the US e-commerce giant announced it decided not to move forward with plans to build a headquarters in New York City.

Six of the 11 primary S&P 500 sectors extended losses, with the consumer staples sector down over 1.2 per cent, leading the laggards.

Lael Brainard, a member of the Fed’s Board of Governors, said on Thursday in an interview with CNBC that she was concerned about the US economy due to increasing “downside risks”.

–IANS

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CanIndia New Wire Service

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