Stocks lose grip on early gains, close lower

May 22, 2009 1:09:33 PM PDT
Wall Street made a late-day reverse, ending a choppy session slightly lower ahead of the Memorial Day weekend. Retail shares had lifted the broader market higher during much of the day, but the gains petered out in the final minutes of trading.

A light flow of economic data left the market with little fuel to sustain a surge that lifted stocks on Monday, and the market drifted lower for much of the week.

Volume was light, which can exaggerate swings in the market.

At the close, the Dow Jones industrial average is down 14 to 8,277. The S&P 500 index is down 1 to 887, and the Nasdaq composite index is down 3 to 1,692.

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