Stocks drift lower in early trading on Wall Street, pulling the S&P 500 further away from the record high close it’s been flirting with over the past few days. The benchmark index was down 0.1%, though it’s still on track for a solid weekly gain.
showed that sales for U.S retailers strengthened again last month, but by less than economists expected.
More stocks across Wall Street were falling than rising, but the moves were mostly modest. The Dow Jones Industrial Average was down 64 points, or 0.2%, at 27,830, as of 10:08 a.m. Eastern time, while the Nasdaq composite dipped 0.2%.Consumer spending is the main locomotive for the U.S. economy, so investors paid close attention to the report showing that sales at grocery stores, gas stations and other retailers rose 1.2% last month from June.
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