Stocks end the day down after a disappointing reading on December retail sales and multiple profit misses from earnings reports. Consumer purchases fell 0.9% in December when economists were expecting a 0.1% increase, this decrease was lead by gas station sales which was down 6.5% due to a drastic drop in pump prices. The Fed believes that the economy grew at a ‘modest’ to ‘moderate’ past last month as holiday sales were struggling in some regions. The Fed also said that, overall, hiring was up last month but payroll advances weren’t prevalent nationwide.
Word on the Street
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