Retail gets slammed as stocks suffer second-worst week of year

The stock market slumped Friday to its second-biggest weekly loss of the year, breaking a streak of six consecutive weeks of gains.

Fears that the holiday shopping season will be a dud tanked retail stocks.

Retailers ranging from department stores to dollar stores plunged after Nordstrom posted disappointing third-quarter results, just as Macy’s did earlier this week.

The price of oil continued to slide on evidence that global supplies are still rising. The dollar could get even stronger, further pressuring oil and other commodities and affecting mining and energy companies.

The Dow Jones industrial average fell 202.83, or 1.16 percent, to 17,245.24. The Standard & Poor’s 500 fell 22.93, or 1.12 percent, to 2,023.04. The Nasdaq composite index fell 77.20, or 1.54 percent, to 4,927.88.

Concerns about retail sales and skidding commodities prices have eroded the gains from October’s big stock market rally. Stocks have now lost ground seven of the last eight days. Overall the S&P 500 is down almost 2 percent for the year.

The holiday shopping rush will kick into high gear with Black Friday in two weeks. Following several weak reports from retailers, investors are becoming worried that sales will be poor during that period, which is a crucial moneymaker for retail companies. Macy’s and Nordstrom both hit two-year lows Friday. Consumer discretionary stocks were by far the worst performing group in the S&P 500.

This story was originally published November 13, 2015 at 4:28 PM with the headline "Retail gets slammed as stocks suffer second-worst week of year."