wall street

Wall Street turned in a mixed performance Tuesday after a fresh report on retail sales and a new oil price record told investors the same old story: The economy is hurting and costs are rising, but things could be worse.
    The Commerce Department’s latest report showed that retail sales fell by 0.2 percent in April, as expected. The data did show better-than-expected sales if automobiles are excluded, but indicated Americans are reluctant to make big-ticket purchases — especially as soaring fuel prices cut into demand.
    “The numbers are coming out weak, but the economy’s not falling apart,” said Alexander Paris, economist and market analyst for Chicago-based Barrington Research. “On balance, they were negative, but you’d expect them to be.”
    Oil prices, meanwhile, spiked to a trading record of $126.98 a barrel on the New York Mercantile Exchange after Iranian news services reported Iran is considering a cut to output. They later settled up $1.57 at $125.80.
    Tuesday’s wavering trading in the stock market reflected its ongoing uncertainty about the economy. Brian Gendreau, investment strategist for ING Investment Management, believes investors won’t get a clear picture until more data is released in June and July.