Wall Street has its first four-day losing streak this year; retailers, bank stocks fall

8/19/2013

NEW YORK — The stock market closed  lower for the fourth day in a row, the first time that’s happened this year.

The Dow Jones industrial average fell 70 points, or 0.5 percent, to 15,010 today.

The Standard & Poor’s 500 index fell nine points, or 0.6 percent, to 1,646.

Technology stocks fell less than the rest of the market. The Nasdaq composite index edged down 13 points, or 0.4 percent, to 3,589.

Retail stocks fell after Saks reported a wider loss. Banks fell after the Federal Reserve said they needed to raise more funds.

Investors are getting worried about higher interest rates. The yield on the 10-year Treasury note rose to 2.88 percent.

Four stocks fell for every one that rose on the New York Stock Exchange. Volume was light.