Stocks slide after gloomy report on retail sales

AP News
Posted: Nov 14, 2012 11:52 AM

NEW YORK (AP) — Stocks indexes are lower in light trading on Wall Street at midday.

Strong earnings from Abercrombie & Fitch are being offset by a gloomy report on retail spending from the government.

The Dow Jones industrial average was down 55 points at 12,701 at noon Wednesday.

The Standard & Poor's 500 index slipped four points to 1,370 and the Nasdaq composite was down three points at 2,881.

Abercrombie & Fitch, maker of clothing for teenagers, was among the standout stocks, jumping 27 percent after reporting that its net income soared in the most recent quarter.

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The strong results were tempered by a report from the Commerce Department saying that Americans cut back on spending in October.