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Dow Loses Early Gains Despite Retail Reports

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May 22, 2009 3:15 pm US/Central

Dow Loses Early Gains Despite Retail Reports

 Timeline: U.S. Credit Crunch & Financial Failures

 View Market Summaries & Leading Stock Changes
NEW YORK (AP) ― Wall Street reversed course late in the day, finishing lower as early gains built on better earnings reports from retailers faded away.

Trading was choppy, and the market's swings were exaggerated by very light volume ahead of the Memorial Day weekend.

Stocks drifted lower for much of the week. With few economic reports, the market was left with little fuel to sustain a two and a half-month surge that has lifted stocks up more than 30 percent from 12-year lows in early March.

Next week's economic calendar is much more heavily loaded, with key reports coming on home sales, big-ticket manufactured goods and consumer confidence.

Whether those data please or disappoint the market could be the key to determining what becomes of the spring rally, which many investors believe might have been overdone.

"Everything is overpriced," said Harry Rady, chief executive and portfolio manager of Rady Asset Management. "A very long, protracted recession is still very much alive."

According to preliminary calculations, the Dow Jones industrial average fell 14.81, or 0.2 percent, to 8,277.32. The S&P 500 index slipped 1.33, or 0.2 percent, to 887.00, and the Nasdaq composite index lost 3.24, or 0.2 percent, to 1,692.01.

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