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US stocks close mixed amid retail sales tumble

US stocks close mixed amid retail sales tumble

New York: 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 percent, to 25, 439.39. The S&P 500 was down 7.30 points, or 0.27 percent, to 2,745.73, Xinhua news agency reported.

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

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

Shares of Google’s parent Alphabet gained 0.05 percent, 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 percent.

However, shares of Amazon fell over 1 percent, 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 percent, 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”.

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