Dow tumbles on weak retail sales
U.S. stocks fell sharply as investors weighed a 1.1% drop in retail sales, the weakest read in over a year, raising fresh recession fears. The data comes as layoffs mount with both Amazon and Microsoft shedding a combined 28,000 workers.
Dow Jones Averages.
The Dow Jones Industrial Average lost over 600 points as Honeywell, IBM and Coca-Cola led the drop, while Travelers and Goldman posted modest gains.
The S&P 500 and Nasdaq Composite lost 1.5% and 1.2%, respectively.
Southwest forced into $1 billion upgrade
Southwest Airlines Co.
After stranding millions of travelers over the holiday, Southwest announced a plan for sweeping upgrades.
Treasury Secretary Janet Yellen is taking a softer approach with the Chinese in hopes of easing tensions between the most populous nation and the U.S.
Another airport malfunction
Jetblue Airways Corp.
A JetBlue plane was involved in a second scary incident at New York’s JFK airport.
Consumers struggle with inflation
Party City files for chapter 11
Party City filed for bankruptcy as higher inflation and heavy debt is forcing the supplier to reorganize.
Bed Bath & Beyond is another retailer that is working to avoid Chapter 11 by closing stores and cutting workers.
Inflation cools further
Inflation at the wholesale level, similar to consumer prices, showed more signs of cooling positive news for the economy.