US stocks slid on Friday after a record slump in retailers' sales last month heightened concerns about a protracted economic downturn and an ailing consumer appetite. Stocks were unable to follow up on Thursday's dramatic rebound after the S&P 500 and Nasdaq touched fresh five-year lows as analysts said worries over how deep the slowdown could be remained in the forefront.
Among retailers, Wal-Mart Stores Inc fell 2 percent, while J.C. Penney gave up almost 9 percent after the retailer warned of worsening profit for the rest of the year. A Commerce Department report showed retail sales dropped 2. 8 percent in October as consumers curbed their spending amid recession fears, but part of the drop was due to falling gas prices. The ability for the consumer to keep spending is at the heart of economic activity and consumer profits.
The Dow Jones industrial average fell 258.93 points, or 2.93 percent, to 8,576.32. The Standard & Poor's 500 Index tumbled 31.42 points, or 3.45 percent, to 879.87. The Nasdaq Composite Index lost 58.33 points, or 3.65 percent, to 1,538.37. Dow component Boeing fell 3.7 percent to $41.56 after the planemaker delayed its latest version of its 747 jumbo by several months.
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