Reuters - Video

EDITION: U.S. | U.K. | IN

Personal Finance Videos

Retailers rise but market sags

Tuesday, Feb 25, 2014 - 02:16

Feb. 25 - Summary: Stocks end lower as retailers fail to lift the rest of the market; Home price gains slowing, consumers brooding; Weather slow Home Depot, Macy's sales but rebound expected; Tesla snags top honor. Conway G. Gittens reports.

▲ Hide Transcript

View Transcript

Stocks drifted lower on Tuesday but the retail sector was higher thanks to optimistic outlooks. The Dow, the S&P 500 and the Nasdaq each posting modest losses. Home prices were slightly down in December, the second drop in a row, and big city year-over-year gains remained atop 13 percent, but the rate of price gains is slowing, according to the S&P/Case-Shiller Index. Meanwhile, consumers did not have anything good to say about the future of the economy in February, but were much more confident in current conditions, as seen in a survey by the Conference Board. That may bode well for consumer activity in coming months, cold weather or not. Talking about weather, Laura Rosner, U.S. economist at BNP Paribas, says it definitely took a toll on how much people were willing to shell out at the register. And that prompted BNP to lower its outlook for U.S. GDP. SOUNDBITE: LAURA ROSNER, U.S. ECONOMIST, BNP PARIBAS, (ENGLISH) SPEAKING: "So we were estimating consumer spending at 2.7 percent at an annualized rate in Q1. And, based on the weak January sales, and the fact that the disruptive weather persisted into February, we actually took that estimate from 2.7 to 2.2. What that did is essentially lower our Q4 over Q4 growth estimate for 2014 by 0.2 percent. And I'd say that's a conservative estimate." Weather hurt sales at Home Depot, but the company says sales are already bouncing back. And while winter was a problem for Macy's too, the retailer says it expects consumers to return as temperatures rise. Shares of Home Depot and Macy's both gaining ground. In other corporate news: JPMorgan Chase, the largest U.S. bank, is cutting 5,000 net jobs this year, mostly in the home loan, branch and credit-card units. The bank is also trimming its 2014 profit target. Tesla Model S is the Consumer Reports' top auto pick for 2014. Ford slipped to its lowest ranking since CEO Alan Mulally took the reins in September 2006. Shares of Tesla surging to a record high. In Europe, mining shares pulled the market down on worries about the impact of slower growth in China.

Retailers rise but market sags

Tuesday, Feb 25, 2014 - 02:16

Money »

Apple hits $100 a share Apple hits $100 a share

Tue, Aug 19, 2014 - (2:06)

Nasdaq closes at 14-year high Nasdaq closes at 14-year high

Mon, Aug 18, 2014 - (2:23)

Putin puts Wall Street in buying mood Putin puts Wall Street in buying mood

Thu, Aug 14, 2014 - (2:10)

We've become a promotional culture-RetailMeNot's Bodge We've become a promotional...

Thu, Aug 14, 2014 - (4:39)

Dow back to positive territory for year Dow back to positive territory for year

Wed, Aug 13, 2014 - (2:18)

Markets cheer Russia's Ukraine exit Markets cheer Russia's Ukraine exit

Fri, Aug 08, 2014 - (1:50)

Russia, Iraq push Dow to three-month low Russia, Iraq push Dow to three-month low

Thu, Aug 07, 2014 - (2:27)

Wall Street gains but telecom disconnected Wall Street gains but telecom disconnected

Wed, Aug 06, 2014 - (2:28)

Stocks zapped by energy weakness Stocks zapped by energy weakness

Tue, Aug 05, 2014 - (2:46)

Stocks recover with refocus on earnings Stocks recover with refocus on earnings

Mon, Aug 04, 2014 - (2:19)

The S&P 500 suffers worst week in 2 years The S&P 500 suffers worst week in 2 years

Fri, Aug 01, 2014 - (2:41)

The Exchange »

The Exchange: Hot commodity The Exchange: Hot commodity

Wed, Jul 16, 2014 - (9:25)

The Exchange: Constitutional crusade The Exchange: Constitutional crusade

Wed, Jun 25, 2014 - (11:35)

The Exchange: The value of money The Exchange: The value of money

Mon, Jun 02, 2014 - (9:53)

The Exchange: China’s Second Continent The Exchange: China’s Second Continent

Tue, May 27, 2014 - (9:35)

The Exchange: A master of business arts The Exchange: A master of business arts

Thu, May 08, 2014 - (8:24)

The Exchange: America's bankrupt cities The Exchange: America's bankrupt cities

Mon, May 05, 2014 - (8:52)

The Exchange: Let the rocking commence The Exchange: Let the rocking commence

Tue, Apr 08, 2014 - (8:13)

The Exchange: The Moneyball fallacies The Exchange: The Moneyball fallacies

Mon, Mar 24, 2014 - (9:54)

Is doing good a good business? Is doing good a good business?

Mon, Mar 17, 2014 - (7:38)

Reuters Investigates »

Re-homing victim: "I could have been dead" Re-homing victim: "I could have been dead"

Wed, Feb 19, 2014 - (8:24)

Cops and loggers in the Amazon rainforest Cops and loggers in the Amazon rainforest

Fri, Jan 10, 2014 - (4:01)

"Passed around like a dog" "Passed around like a dog"

Thu, Aug 29, 2013 - (6:32)

Adopted, then abandoned online Adopted, then abandoned online

Thu, Aug 29, 2013 - (13:21)

How the DEA keeps its secrets secret How the DEA keeps its secrets secret

Mon, Aug 05, 2013 - (1:36)

How education lost its role as the great equalizer - Reuters Investigates How education lost its role as the great...

Mon, Dec 17, 2012 - (7:52)

Jihad Jane: From abused child to American jihadist - Reuters Investigates Jihad Jane: From abused child to American...

Sat, Dec 08, 2012 - (10:01)

Jihad Jane: The order to kill - Reuters Investigates Jihad Jane: The order to kill - Reuters...

Sun, Dec 09, 2012 - (10:39)

Moving Pictures »

"Old timers" sail the Chesapeake Bay "Old timers" sail the Chesapeake Bay

Mon, Aug 11, 2014 - (2:27)

Burned memories Burned memories

Fri, Aug 08, 2014 - (3:02)

Images of July Images of July

Thu, Jul 31, 2014 - (1:20)

World Cup: passion on the pitch World Cup: passion on the pitch

Fri, Jul 11, 2014 - (1:00)

A refugee in America gives back A refugee in America gives back

Wed, Jul 02, 2014 - (3:25)

A long search for refuge A long search for refuge

Fri, Jun 20, 2014 - (3:04)

World Cup: Around the globe in 50 goals World Cup: Around the globe in 50 goals

Fri, Jun 06, 2014 - (1:08)

VIVID – Sydney’s spectacle of light VIVID – Sydney’s spectacle of light

Fri, May 30, 2014 - (1:37)

The week that changed Boston The week that changed Boston

Mon, Apr 14, 2014 - (3:28)