Investors hit pause on Dow's win streak

Written By limadu on Rabu, 13 Maret 2013 | 22.16

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NEW YORK (CNNMoney)

Economic numbers out of Europe dampened sentiment ahead of the U.S. retail report, and raised concerns over the health of the global economy.

The Dow Jones Industrial Average, the S&P 500, and the Nasdaq were little changed.

Trading has been choppy this week after the Dow's winning streak pushed the blue chip index to new record highs for seven days in a row.

Doug DiPietro, head of trading at Evercore, called the pullback "buyer fatigue" and said volumes have been particularly low this week.

Stocks have been driven higher by mounting signs of a healthier economy, alongside the Federal Reserve's stimulative moves.

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Early Wednesday, the Commerce Department reported February retail sales rose 1.1%, the best month since September.

Sales were expected to rise only 0.5%, as economists worried that increased payroll tax, delayed tax refunds and higher gas prices would cause consumers to pull back on spending.

Another look at consumer spending will come after the bell, when a variety of clothing retailers, including Coldwater Creek (CWTR), Guess? (GES) and Men's Wearhouse (MW) report quarterly results.

At the same time, industrial production in Europe fell faster than expected in January. In the U.K., industrial production dropped 1.2%, leading to increasing chatter of a triple dip recession there.

European markets were weaker in afternoon trading.

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Apple (AAPL, Fortune 500) shares rose Wednesday, after a recent slide. Investors have been worried about slowing demand for the iPhone 5 and what Apple plans to do with its cash.

Shares of Boeing (BA, Fortune 500) edged lower. The Federal Aviation Administration gave the aircraft maker permission late Tuesday to start testing its proposed fix to the lithium batteries on the 787 Dreamliner, a key step in getting the aircraft that has been grounded by a safety probe since Jan. 16 back into service.

Shares of Dole (DOLE, Fortune 500) dropped 7% after the fruit company reported fourth quarter losses.

Netflix's (NFLX) stock rose 4% after the the online movie rental company said it would allow its users to share movie and television picks on Facebook (FB). The news sent Facebook's stock down 2%.

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Asian markets also ended lower. Japan's Nikkei closed down 0.6% as the yen firmed against the dollar on divisions in parliament over the appointment of the new Bank of Japan governor. The Shanghai Composite and Hong Kong's Hang Seng fell on reports of further measures to curb inflation, in particular in the property sector.

The dollar lost ground to the British pound but gained against the euro.

Oil prices rose, while gold prices dropped.

The price on the 10-year Treasury fell, pushing the yield up to 2.05% from 2.02% late Tuesday. To top of page

First Published: March 13, 2013: 9:59 AM ET


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