Dismal news on U.S. retail sales and more signs of slowing global growth weighed on financial markets Wednesday. U.S. and overseas stocks fell and copper plunged to a five-year low. Investors sought safety in government bonds, pushing down the yield on the 10-year Treasury note to its lowest level since May 2013.
KEEPING SCORE: The Standard & Poor's 500 index fell 30 points, or 1.5 percent, to 1,992 as of 2:06 p.m. Eastern time. The Dow Jones industrial average dropped 310 points, or 1.8 percent, to 17,302. The Nasdaq composite fell 57 points, or 1.2 percent, to 4,604.
SLUMPING SALES: Retail sales fell 0.9 percent in December, the biggest decline since January last year, the Commerce Department reported early Wednesday. The drop shows consumers are reluctant to spend despite lower gas prices and a pickup in hiring.
THE QUOTE: "There was a perception that the economy was improving, but that has gotten called into question," said Peter Tuz, a portfolio manager at Chase Investment Counsel, which manages $400 million in assets. "The savings from lower gas prices hasn't translated into higher consumer spending yet."
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