Monday 15 May 2017

Wall Street falls, department stores take a drubbing


Wall Street slipped on Friday, ending the week lower as tepid economic data weighed on banks and worries deepened over Nordstrom and other department stores.

Risk-averse sentiment gripped Wall Street this week after President Donald Trump unexpectedly fired his FBI chief, the potential fallout from which could delay Trump's pro-growth goals to cut taxes and boost spending on infrastructure.

Soft retail sales and monthly inflation data on Friday raised concerns about slow economic growth and questions about whether the Federal Reserve could maintain its hawkish outlook for interest rates this year.

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