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US stocks drop even as retail sales unexpectedly rise; record-breaking rally takes pause
NEW YORK, N.Y. – Stocks are mixed in midday trading, pausing a record-breaking stock rally even after the government reported that Americans increased spending last month.
The Dow fell 22.86, or 0.2 per cent, to 15,096 as of 11:50 Eastern Daylight Time. The Standard and Poor’s 500 index added a fraction to 1,634. They both closed at record highs Friday.
The Nasdaq composite rose 5 points to 3,442.
Retail sales increased 0.1 per cent in April from March, the Commerce Department said Monday. That’s an improvement from the small decline in March.
Yum Brands slipped 2.4 per cent after the owner of Kentucky Fried Chicken said that sales in China fell last month.
Theravance surged 15 per cent. Elan Corp. will pay $1 billion for the right to future royalties from respiratory treatments Theravance and GlaxoSmithKline are developing.
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