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US STOCKS-Wall St falls after weak retail data

Wed May 13, 2009 11:38pm IST
 
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* Retail sales data worse-than-expected

* Big manufacturer shares down

* Drugmakers climb as investors bet on defensive stocks

* Dow off 2.2 pct, S&P off 2.5 pct, Nasdaq off 2.6 pct

[For up-to-the-minute market news click [STXNEWS/US] (Updates to mid-afternoon, changes byline)

By Leah Schnurr

NEW YORK, May 13 (Reuters) - U.S. stocks tumbled on Wednesday as worse-than-expected retail sales hurt shares in the sector, including Wal-Mart Stores Inc, and dampened recent enthusiasm over the economic outlook.

Government data showed sales at retailers fell for a second straight month in April, after a string of more upbeat reports suggested a turning point in the economic cycle.

Retail activity is a closely followed indicator, as it accounts for roughly two-thirds of the U.S. economy. Analysts had forecast no change or even a small increase in retail sales, excluding autos. (For details, double-click[ID:nN13384420])  Continued...

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