Stocks stall as protests in Egypt intensify

NEW YORK (AP) — Stocks dipped today as concerns over violent protests in Egypt weighed against better-than-expected economic news in the U.S.

Clashes continued in Egypt between pro- and anti-government demonstrators, leaving some analysts worried about their impact on oil-rich countries throughout the Middle East like Saudi Arabia and the stability of the region.

“That’s the fear,” said Peter Cardillo, chief market economist at Avalon Partners.

But better than expected December sales figures sent retail companies higher. Consumer discretionary companies in the Standard and Poor’s 500-stock index gained 1 percent after national chains reported that sales were nearly double what analysts had forecast despite heavy snowstorms in much of the nation. Costco Wholesale Corp., Limited Brands Inc., Nordstrom Inc. and Gap Inc. all gained more than 4 percent.

The S&P 500 — the benchmark for most U.S. mutual funds — fell 2 points, or 0.1 percent, to 1,302 in afternoon trading. The Dow Jones industrial average fell 9 points, or 0.1 percent, to 12,031. The Nasdaq composite fell 2 points, or 0.1 percent, to 2,748.

Consumer discretionary stocks were the best performers among the 10 company groups that make up the S&P index. Energy companies had the largest fall, down 0.6 percent.