Posted: Jul 5, 2012 11:15 AM by CJ, The Associated Press
NEW YORK (AP) - Stocks are mostly lower in midday trading on Wall Street on signs that Americans are spending at a slower pace and that China's economy is in worse shape than previously thought.
American shoppers pulled back on spending in June, resulting in tepid sales for many retailers. Target and Costco fell after reporting sales that rose less than analysts were expecting.
China surprised investors with its second rate cut in a month, leading investors to worry that the downturn in the world's second-largest economy may be worse than previously expected.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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