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US stocks open lower on disappointing retail sales

US stocks open lower on disappointing retail sales

Wall Street's anxiety about the U.S. economy and the health of the banking industry is sending stocks down sharply in early trading.
The Commerce Department has reported that retail sales fell twice as much as expected during December. Investors were already well aware that consumers have curtailed their spending, but the data still came as an unpleasant surprise.
And Citigroup Inc.'s announcement of a deal to give up control of its brokerage to Morgan Stanley for $2.7 billion is a reminder of the cash shortages facing some banks.
The Dow Jones industrial average is down 154 at the 8,294 level. All the major indexes are down more than 1.5 percent.


Updated : 2021-02-25 16:29 GMT+08:00