U.S. Stocks Fall On Europe Concern As Retail Sales Drop

Mario Tama/Getty Images

Bloomberg News – By Rita Nazareth   June 13, 2012

U.S. stocks retreated, following yesterday’s rally, as a report showed weakening retail sales while borrowing costs rose in Italy and Germany.

The Standard & Poor’s 500 Index lost 0.4 percent to 1,318.89 at 9:31 a.m. New York time. The benchmark gauge rose 1.2 percent yesterday.

“It’s a tough recipe,” Burt White, who oversees $390 billion as chief investment officer at LPL Financial Corp. in Boston, said in a telephone interview. “Consumers are starting to question the validity of this recovery and beginning to plan for tougher times. At the same time you have global austerity. You’re getting more recessionary pressures throughout Europe and borrowing costs are moving higher. Things are deteriorating.”

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