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Wednesday, February 16, 2011

US Stocks take worst hit in 2 weeks (ext)

NEW YORK (CNNMoney) -- U.S. stocks finished lower Tuesday, posting the biggest losses in more than 2 weeks, as investors digested a weaker-than-expected report on January retail sales.

The Dow Jones industrial average (INDU) lost 42 points, or 0.3%, The S&P 500 (SPX) fell 4 points, or 0.3%. The Nasdaq (COMP) slipped 13 points, or 0.5%.

"Investors are disappointed with the retail sales data from last month that came in below expectations," said Timothy Ghriskey, chief investment officer at Solaris Asset Management. "January is a squirrely month anyway, and we also had a lot of bad weather."

The market has been moving gradually higher this year, amid expectations of an improving economy. The S&P 500 is up nearly 6% so far in 2011.

"This market has proven to be extremely resilient, and I think it still has more upside to it," Ghriskey said.

The dollar fell against the euro and and the British pound, but was higher versus the Japanese yen.

Oil for March delivery fell 49 cents to $84.32 barrel.

Gold futures for April delivery rose $9 to $1,374.10 an ounce.

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