You choose, we deliver
If you are interested in this story, you might be interested in others from The Journal Gazette. Go to www.journalgazette.net/newsletter and pick the subjects you care most about. We'll deliver your customized daily news report at 3 a.m. Fort Wayne time, right to your email.

Business

  • Downtown banking to grow
    Another bank is opening teller lines in downtown Fort Wayne.First Financial Bank and city officials have scheduled an announcement for 10 a.m. today in the Courthouse Green across from the Anthon ...
  • Lincoln earnings rise 26%
    Lincoln National Corp. on Wednesday reported sec­ond-quarter earnings of $398 million, or $1.48 per diluted common share, a 26 percent increase from the $317 million, or $1.15 a sh ...
  • Economy rebounds with fast 4% growth
    WASHINGTON – The U.S. economy has rebounded with vigor from a grim start to 2014 and should show renewed strength into next year.That was the general view of analysts Wed­nesday after the g ...
Advertisement

Stocks dip as shoppers spend less

– The final month of a stellar year for stocks began with a thud.

All three major indexes closed lower Monday, the first day of trading in December. Investors sold shares on signs that American shoppers – that seemingly inexhaustible fuel of global economic growth – may hold tight to their cash this holiday season.

Shoppers turned out in record numbers over the four-day Thanksgiving weekend, but plunked down less cash than they did last year. It was the first decline in Thanksgiving weekend spending since a retail trade group began tracking it in 2006.

Investors reacted by selling all types of retailer stocks, from department stores to specialty chains. J.C. Penney, Macy’s and Target fell about 2 percent each. Urban Outfitters dropped nearly 4 percent.

The Dow Jones industrial average has surged 22 percent this year and, if history holds, will add to that gain this month. The Dow has risen in December in three out of every four years going back to 1950, according to the Stock Trader’s Almanac. The average gain: 1.7 percent.

On Monday, the Dow fell 77.64 points, or 0.5 percent, to 16,008.77. The Standard & Poor’s 500 index dropped 4.91 points, or 0.3 percent, to 1,800.90. The Nasdaq composite fell 14.63 points, or 0.4 percent, to 4,045.26.

Advertisement