U.S. stock-market benchmarks finished lower on Friday, booking weekly losses after a third straight drop in retail sales highlighted weakness in consumer spending at the turn of the year. The Dow Jones Industrial Average DJIA, -0.57% fell 177 points, or 0.6%, to 30,814, based on preliminary numbers. The S&P 500 SPX, -0.72% slipped 0.7% to end around 3,768.
The Nasdaq Composite COMP, -0.87% slid 0.9% to finish near 12,999. For the week, the S&P 500 and Nasdaq both fell 1.5%, while the Dow shed 0.9%. The disappointing retail sales data added to the urgency of further fiscal support. President-elect Joe Biden unveiled a proposed $1.9 trillion stimulus package on Thursday evening, but the bill has drawn widespread skepticism among analysts who question the package’s viability. Investors also watched the unofficial start to corporate earnings season, with JPMorgan Chase JPM, -1.79% reporting profits that beat expectations. However, revenues for Citigroup C, -6.93% and Wells Fargo WFC, -7.80% fell short of analyst estimates.