Closing Bell: Retail Takes Focus, Trump Faces Further Fallout
Video Transcript:
This is how markets closed this Tuesday, August FIFTEENTH.
Wall Street snapped a brief rally one day after the S&P 500 posted its best gain of the summer. A two-day upward trend in markets was cut short as mixed retail earnings continued to weigh on stocks.
Retail sales grew at a faster-than-expected pace in July. The seven-month high could signal consumers are spending more than anticipated in the first part of the third quarter. But online sales far outpaced brick-and-mortar sales, which could mean more trouble to come for ailing department stores like J.C. Penney (JCP) - Get Report .
And to add insult to injury after last week's wider-than-expected loss, J.C. Penney capped off its worst 5-day streak since Nixon was in office. The company's stock hit the third record low in as many days at the close Tuesday.
Dick's Sporting Goods (DKS) - Get Report didn't fare so well, either. The retailer's stock tumbled over 20% after it reported missing estimates on earnings, revenue and comp sales.
Geopolitical pressures eased some Tuesday, but President Trump faced further fallout as more business leaders left his side. Alliance for American Manufacturing president Scott Paul was the latest to leave Trump's council in the wake of a lukewarm response to racist violence in Charlottesville, Virginia.
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This article was written by a staff member of TheStreet.
