NEW YORK — The stock market slumped to its second-biggest weekly loss of the year Friday, breaking a streak of six consecutive weeks of gains. Fears that the holiday shopping season will be a dud tanked retail stocks.
Retailers ranging from department stores to dollar stores plunged after Nordstrom posted disappointing third-quarter results.
The price of oil continued to slide on evidence that global supplies are still rising. The dollar could get even stronger, further pressuring oil and other commodities and affecting mining and energy companies.
The Dow Jones industrial average fell 202.83 points, or 1.2 percent, to 17,245.24. The Standard & Poor’s 500 gave up 22.93 points, or 1.1 percent, to 2,023.04. The Nasdaq composite index slipped 77.20 points, or 1.5 percent, to 4,927.88.
Concerns about retail sales and skidding commodities prices have eroded the gains from October’s big stock market rally. Stocks have now lost ground seven of the last eight days. Overall the S&P 500 is down almost 2 percent for the year.
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