Wall Street down on weaker retail sales data

Dow Jones: 12,226.64 (–41.55) S&P 500: 1,328.01 (–4.31) Nasdaq: 2,804.35 (–12.83)US STOCKS retreated, pulling the Standard and Poor's 500 Index down from a 32-month high, after a report showed retail sales increased less than forecast and Exxon Mobil led a decline in energy producers.

Commerce Department figures showed that January sales at retailers rose less than estimated and may reflect the influence of harsh winter weather.

“It’s quite simple – people are trying discern between weather conditions and economic momentum,” said Alan Gayle, senior investment strategist at RidgeWorth Capital Management in Richmond, Virginia, which oversees $52.5 billion.

“There’s been some confusion about the impact of the weather on the overall figures, as we saw with retail sales today. That adds up to some nervousness following a strong advance for stocks.”

The Dow Jones industrial average lost 41.55 points, or 0.34 per cent, at 12,226.64.

The Standard & Poor’s 500 Index fell 4.31 points, or 0.32 per cent, at 1,328.01.

The Nasdaq Composite Index slipped 12.83 points, or 0.46 per cent, at 2,804.35.

Exxon fell the most in the Dow average, declining 2.3 per cent to $82.97, after reporting its biggest addition to proved reserves in 11 years as engineers found larger-than-expected amounts of oil and natural gas in fields that came with its acquisition of XTO Energy.

Monsanto sank 4.8 per cent to $71.56.

The $27 billion Soros Fund Management cut its stake in the agricultural company to 3.29 million shares from 6.52 million in the previous quarter, according to the regulatory filing.

JDS Uniphase slumped 10 per cent to $25.05 after its stock rating was cut to “market perform” from “outperform” at Sanford C Bernstein.

Netflix declined 2.7 per cent to $240.79. The DVD-rental and streaming company was cut to “equal-weight” from “overweight” at Morgan Stanley.

Marriott International rose 1.1 per cent to $41.46. The owner of the JW Marriott and Ritz-Carlton brands said it will spin off its timeshare unit to allow investors to choose between its hotel management and property development businesses.

US Steel rallied 3.3 per cent to $62.31. – (Bloomberg/Reuters)