(NEW YORK) — The markets didn’t move much Wednesday.
The Dow dropped back below 14,000 a day after coming within a point of a record close, fallingl 36 points. The index closed at 13,982.91. Some analysts believe the Dow may have been led lower by fast-food stocks. Chains like McDonalds (-1.2 percent) could be feeling pressured by the president’s call in Tuesday’s State of the Union address to increase the minimum wage.
The Nasdaq and S&P Composite, however, were up 10 points and a fraction of a point, respectively.
Meanwhile, you may not have gotten a pay cut, but for a lot of Americans, it sure felt that way when the payroll tax cut expired. Consumers are not in the mood to spend, and retail sales were up just one-tenth of a percent last month.
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Madison Park, Keith Allen and Andreas Preuss, CNN