Stocks erased morning gains on poor consumer spending news to wrap up today's session in negative territory. The Dow and the S&P 500 racked up weekly losses of 1.2% and 1.1%, Bloomberg reports. The Dow fell 86.38 today to close at 12,216.08. The Nasdaq fell 19.65 to 2,261.18, and the S&P 500 fell 10.54 to 1,315.22.
Gloomy news about personal consumption and JC Penney's Q1 earnings cranked up downward pressure on retail stocks. Macy’s, Kohl’s, and Tiffany took a hit. “There is just so much uncertainty out there,” said one analyst. “It's difficult to be bullish or buy unless you have really strong nerves.''