Stock market falls after disappointing Thanksgiving holiday sales

NEW YORK, N.Y. – The stock market is closing lower after the holiday shopping season got off to a disappointing start.

The Dow Jones industrial average fell 77 points, or 0.5 per cent, to close at 16,008.77 Monday. The Standard & Poor’s 500 index fell four points, or 0.3 per cent, to 1,800.90. The Nasdaq composite fell 13 points, or 0.4 per cent, to 4,045.26.

Shoppers turned out in record numbers in the four days ended Sunday, but plunked down less cash than they did last year. It was the first decline in Thanksgiving weekend spending since a retail trade group began tracking it in 2006.

Investors reacted by selling all types of retailer stocks, from department stores to specialty chains. J.C. Penney, Target and Coach fell more than 1 per cent each. Urban Outfitters dropped 3.5 per cent.