Stocks traded in a narrow range Tuesday. Declines in retail shares like Home Depot offset positive U.S. retail sales data. Fred Katayama reports.
Stocks closed flat after trading in a narrow range Tuesday. Declines in retail stocks like Home Depot offset positive retail sales data. And declines in telecom and consumer stocks offset gains in utilities and cyclical shares. Vespula Capital's Jeff Tomasulo: SOUNDBITE: JEFF TOMASULO, CEO, VESPULA CAPITAL, (ENGLISH) SAYING: "We're having a breather here. And that's what's going on in the markets right now with that listless trade. Summer doldrums, and you know, just trying to get a feel of where the market might go next." Weighing on the Dow and S&P 500: Home Depot. The home improvement retailer lifted its full-year outlook. But investors appear to be concerned about supply constraints in the housing market. Rival Lowes shares also fell. Oil prices fell amid sign sof weaker petroleum demand in China, lowering shares of Dow components ExxonMobil and Chevron. Coach shares dropped sharply. The handbag maker's quarterly profit nearly doubled, but Coach forecast revenue that was less than Wall Street had hoped for. In July, U.S. retail sales rose by the most in seven months as consumers bought cars and trucks. That data drove the U.S. dollar higher against a basket of currencies. Major markets rose in Europe, driven higher by utilities and airlines shares.