RETAILERS REPORT: Several retailers reported tepid sales growth for May, adding to concerns that the U.S. economy is straining under higher costs for raw materials like oil and cotton. Shares in Gap Inc. and Target Corp. fell on slower sales.
UNEMPLOYMENT: First-time applications for unemployment benefits, an indication of how many people are losing their jobs, fell slightly last week to 422,000. That was more than economists were expecting.
THE INDEXES: The Dow Jones industrial average lost 41.59 points to close at 12,248.55. The S&P 500 ended down 1.61 point to 1,312.94. The Nasdaq composite gained 4.12 to 2,773.31.