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Wall Street declined on Friday, pulling back from record levels set a day earlier, after retail sales unexpectedly dropped last month and as results from major banks failed to impress investors.
Data showed retail sales fell 0.4 per cent in March, while February's strong gain was revised down slightly. Consumer spending plays a key role in the US economy, accounting for two-thirds of activity.
Another report showed consumer sentiment fell to a nine-month low in early April amid gloom about the long-term health prospects for the US economy. Investors have been rattled by indications economic growth could be softening, particularly after last week's disappointing jobs number, though that had not derailed the market rally so far.
Still, some profit taking in the market was not unexpected a day after the Dow and benchmark S&P 500 closed at record highs. For the year, the Dow has gained more than 13 per cent and the broader S&P is up over 11 per cent. The Dow Jones industrial average dropped 36.79 points, or 0.25 per cent, to 14,828.35. The Standard & Poor's 500 Index fell 7.16 points, or 0.45 per cent, to 1,586.21. The Nasdaq Composite Index lost 11.57 points, or 0.35 per cent, to 3,288.59.
