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Ugly week for stocks

Friday, November 13, 2015 - 01:25

Wall Street had its worst week since August, hurt by a selloff in technology companies. Department stores dropped on concerns about the upcoming holiday season. Bobbi Rebell reports.

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Turned out to be a fairly scary Friday the 13th for markets. Selling pressures continued with the three market gauges closing at their lowest levels since September. For the week, it was a sea of red as well. What's bugging investors? Vespula Capital's Jeff Tomasulo: (SOUNDBITE) JEFF TOMASULO, CEO AND FOUNDER, VESPULA CAPITAL (ENGLISH) SAYING: "Every time in the past over the last three years anytime we're close to thinking we're going to have a Fed rate hike we get a selloff and that's how the markets, coupled with the retail sales, which came in terribly today." While the labor market has improved and gas prices are low, consumers are feeling cautious. October retail sales barely budged, the third straight month of relatively flat growth. Though the latest consumer sentiment reading from the University of Michigan moved higher. Mixed news from retailers underscoring the cautious mood: Nordstrom shares tumbled on a disappointing outlook, while J.C. Penney's Q3 sales beat but shares fell in broad selloff of retail stocks. Meanwhile prices at the wholesale level fell for the second straight month as the cost of services fell. Cisco's shares fell a day after it reported a disappointing outlook. And Fossil shed a third of its value after the fashion accessories maker reported earnings that were nearly half of the prior year. In Europe, equities also weathered a tough day, closing out their worst weekly loss in two months.

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