After The Bell: Stocks Tumble on Lower Oil And Weak Retail Sales
(CBS) -- Stocks closed sharply lower Friday as investors digested a continued decline in crude oil prices and weakness in the retail sector. The S&P 500 lost 23, the Nasdaq shed 77 and the Dow Jones industrial average closed down nearly 203 points, settling to 17,245.
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"Throughout the week Fed officials have been talking about the next increase and the December meeting. It has now become very clear to traders that the Federal Reserve is very serious about taking that initial step in December and this has put pressure on equities," says Paul Nolte, portfolio manager at Kingsview Asset Management. "As soon as the Fed raises rates in December, within about 30-seconds of that announcement, we'll be talking about the next Fed meeting and what they are going to do at that one."
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