US stocks : Dow off 0.2 pct
and government spending cuts set to begin next week, the so-called "fiscal cliff" many economists worry could push the U.S. economy into recession if it takes effect.
Coach Inc fell 5.9 percent to $54.13 as the S&P 500's biggest decliner, followed by Amazon.com, down 3.9 percent at $248.63, and Abercrombie & Fitch, off 3.5 percent at $45.44. Ralph Lauren Corp, Limited Brands and Gap Inc also ranked among the S&P 500's biggest decliners.
The Dow Jones industrial average slipped 24.49 points, or 0.19 percent, to 13,114.59 at the close. The Standard & Poor's 500 Index shed 6.83 points, or 0.48 percent, to 1,419.83. The Nasdaq Composite Index dropped 22.44 points, or 0.74 percent, to 2,990.16.
J.C. Penney Co was a notable exception to the weakness in retail stocks, surging 4.4 percent to $20.75 as the S&P 500's biggest gainer. It was followed closely by Bank of America and Genworth Financial, which gained 3 percent on the day and 35.5 percent on the year.
"People want to show they own names like these, making them prime 'window dressing' candidates," said Wayne Kaufman, chief market analyst at John Thomas Financial in New York.
"Bank of America keeps going up even though it's overbought
and you'd expect a pullback at these levels. No one wanted it when it was under $10 a share, but they want it now." Volume was light, with only 3.96 billion shares having traded on the New York Stock Exchange, the Nasdaq and the NYSE MKT. Many senior traders were still on vacation
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