(NEW YORK) — Stocks ended Tuesday’s session with a drop and some of the biggest losses in months, with the Dow closing down 63 points and the Nasdaq and S&P giving up nine points and eight points, respectively.
The continued losses can likely be attributed to the ongoing financial and political troubles in Greece. Nearly $900 million was withdrawn from local banks in Greece Monday, according to remarks by President Karolos Papoulias to other leaders released Tuesday, The Wall Street Journal reports. The heavy withdrawls only increase concerns about Greece’s potential departure from the euro zone.
Meanwhile, the Commerce Department says retail sales rose one-tenth of a percent in April, after stronger gains in the two preceding months. Consumer prices were flat as cheaper gas offset modest increases for food, clothing and housing.
A drop in gas prices won’t be enough to get many more of us on the road this summer. A survey by Triple A predicts only a small uptick in travelers.
Copyright 2012 ABC News Radio
Tom Kludt, CNN Newswire
Megan Marsden Christensen, KSL.com