Retail Sales, Oil Worries Push Stocks Lower

Many of the nation’s retailers had a disappointing July, blaming the hot weather for a drop in clothing sales, particularly fall fashions. Other retailers also had lower-than-expected sales, however, leading investors to wonder whether consumers might finally be feeling the pinch from high gasoline and energy prices.

“Investors have been getting too enthusiastic here and we were vulnerable to a pullback and then you add in higher oil prices and the weak retail sales number, and that led to a little cleansing, a small air pocket, in the market today,” said Steve Goldman, market strategist at Weeden & Co.

Fox News

Poster’s Comments: Eventually (one would think) money supplied at the pump has to come from somewhere, but is this it? -jg