Stocks sink as Congress heads for another showdown

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Associated Press

Posted on January 3, 2013 at 10:00 AM

Updated Thursday, Jan 3 at 11:02 AM

NEW YORK (AP) — Stocks are falling in early trading on Wall Street as retailers report weak sales and a new fiscal fight looms in Congress.

The Dow Jones industrial average was down 47 points at 13,366 shortly after the opening bell Thursday. The Standard & Poor's 500 was off three points at 1,459 and the Nasdaq composite lost six points to 3,106.

Some retailers struggled during the most crucial time of the year as shoppers held out for deep discounts.

Target's December sales were slightly below expectations. Revenue at stores open at least a year were flat. Analysts expected an increase of 0.8 percent.

Wet Seal comparable store revenue dropped 9.7 percent for the month. Bebe Stores said revenue from sales open at least a year fell 10.5 percent in the second quarter.

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