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Worries about US consumers drag stocks

Published: Monday, July 28, 2014 11:01 a.m. CDT

NEW YORK (AP) — Investors got some bad news about the American shopper on Friday, driving down stocks and sending the Dow Jones industrial average to a loss for the week.

The retail giant Amazon and the credit card processor Visa both said that the second half of the year was looking more troubled than originally expected.

The Dow dropped 123.23 points, or 0.7 percent, to 16,960.57. It’s the first time the Dow has closed below the psychologically notable 17,000-point mark since July 9.

The Standard & Poor’s 500 fell 9.64 points, or 0.5 percent, to 1,978.34 and the Nasdaq composite fell 22.54 points, or 0.5 percent, to 4,449.56.

Even with Friday’s declines, the stock market remains near all-time highs, and the S&P 500 closed at a record Thursday.

In other company news:

— Starbucks fell $1.71, or 2 percent, to $78.74, despite the company reporting a profit that came in above analysts’ expectations. The company also raised its full-year profit forecast.

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