Stock futures lower after retail sales report
NEW YORK — Stock futures are extending their losses following a government report showing a worse-than-expected decline in retail sales.
The Commerce Department says retail sales dropped 2.7 percent last month, more than double the 1.2 percent decline that Wall Street expected. This marks a record sixth straight month of declines.
Investors are also concerned about the health of the financial sector after Citigroup said it would give control of its brokerage, Smith Barney, to Morgan Stanley. The market is worried that Citi is still suffering and may need to take further steps to streamline its business.
The Dow Jones industrial average futures fell 128 points to 8,280, after being down about 108 points prior to the report.
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