Stocks open lower on modest retail spending report

AP News
Posted: Jan 15, 2013 9:44 AM

NEW YORK (AP) — Stocks are opening lower on Wall Street after the government reported that retail spending rose only modestly between November and December, a critical period for stores.

The Commerce Department said retail sales rose 0.5 percent in December from November.

The Dow Jones industrial average was down 33 points at 13,474 shortly after the opening bell Tuesday. The Standard & Poor's 500 index was off five at 1,465. The Nasdaq composite was down 17 points at 3,100.

High-end yoga wear maker Lululemon Athletica dropped 7 percent after the company issued a revenue forecast that was below the forecasts of Wall Street analysts.

RadioShack rose 2 percent after the electronics retailer said it would close down its mobile phone centers in Target stores, an operation that analysts see as a money-loser.