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NEW YORK — Stocks finished largely flat Wednesday as investors returned from the Christmas holiday to news of weaker-than-expected retail sales. A jump in oil prices also concerned investors.
The International Council of Shopping Centers said its index of retail chain store sales rose 2.8 percent last week, rounding out a sluggish December performance that puts merchants on track for a smaller sales gain than the trade group originally expected. The news could raise concerns about the strength of consumer spending and, in turn, the economy. However, it has been widely expected that holiday sales would be slower than in years past.
A report that U.S. home prices fell for the 10th consecutive month in October also appeared to weigh on investors.
Kim Caughey, senior equity analyst at Fort Pitt Capital Group in Pittsburgh, said reports on retail had upended some investors’ hopes for strong consumer spending in the long weekend before Christmas.
“From the quick analysis it doesn’t look like it was a great year. I think investors had held out hope that retail might have had that final flourish. It was a sad flourish, not a strong one,” she said.
Bond prices fell. The yield on the 10-year Treasury note, which moves opposite its price, rose to 4.29 percent from 4.21 percent late Monday.
The dollar was mixed against other major currencies, while gold prices rose.
A barrel of light, sweet crude rose $1.84 to settle at $95.97 on the New York Mercantile Exchange. Oil rose to a one-month high of $96.54 during the session.