The American stock market collapsed abruptly on Friday, 13 November. The S&P 500 Index lost 3.6% over the previous week, which is a record-low weekly drop over the last several months. Weak data on retail market and collapsing prices on raw materials market resulted in lower stock demand.
Investors were disappointed with weak financial indicators of Nordstrom Inc. and J.C. Penney Co, the largest American department stores. Retail sales in the US inched up a mere 0.1% in October resulting from low sales of gasoline at gas filling stations, of motor vehicle dealers and grocery stores. Analysts expected this indicator to grow 0.4%.
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