Wall Street Heads for Sharply Lower Opening on Global Worries About Health of US Economy
Ahead of the opening in the U.S., Dow futures were down 145 points, or 1.2 percent, at 11,979, while Standard & Poor's 500 futures were down 21.30, or 1.63 percent, at 1,288.10 and Nasdaq 100 futures fell 20.00, or 1.15 percent, to 1,714.75.
The government said retail sales fell by a worse-than-expected 0.6 percent in February, rather than showing the 0.2 percent gain Wall Street had expected
The spike in gold prices -- hitting $1,000 an ounce for the first time in electronic trading Thursday, according to Dow Jones Newswires -- underscores investors' nervousness as investing in the precious metal is often regarded as a defensive move. Gold prices recently changed hands up $15.60 at $996.10 an ounce.
Meanwhile Thursday, the dollar hit a 12-year low against the Japanese yen and also fell to another new low against the euro, which rose to $1.56 for the first time. And oil prices, whose relentless ascent have fed inflation worries, continued to rise.
The dollar's slide is of particular concern because it is helping to send commodities prices including oil to greater highs -- in turn feeding the growth of inflation
A pullback among consumers worried about jobs, falling home prices or rising energy costs could hasten the economy's slowdown.
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