Tuesday, July 17, 2012

Slipped after weak retail sales

Consumers kept a tight grip on their wallets for a third straight month as concerns about slower job creation, stalled global growth and the European debt crisis loomed. The mood was also gloomy as worries about a slowdown in China were heightened over the weekend after Prime Minister Web Jiabao said his country's economic troubles will continue. Investors also kept a close eye on earnings reports. Citigroup kicked off the busy week by topping analysts' forecasts, even as its quarterly revenue  fell short of estimates. Shares of Yahoo rose more than 2% in after-hours trading after the company named Google executive Marissa Mayer as its new CEO.