Stocks Plunge Despite Retail Surge

By Kevin Spak,  Newser Staff
Posted Feb 12, 2009 8:56 AM CST
Traders work on the floor of the New York Stock Exchange, Wednesday Feb. 11, 2009.   (AP Photo/Richard Drew)
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(Newser) – Stocks plunged at the open this morning, despite a surprisingly good retail sales report, the Wall Street Journal reports. Retail sales unexpectedly rose 1% in January, ending a seven-month slide, but the Dow tumbled more than 150 points at the open anyway. The S&P shed 1.7% and the Nasdaq more than 2%. Financials pessimism pervaded, with Bank of America and Citigroup down more than 5%.