US retail sales collapse & global technology stocks set for fall

US retail sales collapsed by a record 3.7% in November from the previous month, the US Commerce Department announced Thursday 14th December 2001.

Retail sales had climbed a record 6.4% the previous month. Blue chip stocks fell in response to profit warnings from American Express [AXP] and Merck [MRK]. Retail sales in the UK are holding up with an increase of 7.1% in the year to November, the fastest annual growth since 1988.