It's time for your Business Minute for this Wednesday morning, November 13, 2013.The holidays may not be so merry and bright this year, at least for retailers.
Predictions from Morgan Stanley suggest sales growth during the fourth quarter is shaping up to be the weakest its been since 2008. Morgan Stanley estimates same-store sales, which measure sales at store locations open at least one year, will grow just 6.1% from last year's fourth quarter. 2012's holiday sales were up 3.5% from the fourth quarter of 2011.
Analysts say the culprit appears to be weak consumer confidence. Retailers are expected to roll out steep price reductions in response to attract more customers.
After two straight days of sizeable gains, the Dow Jones fell 32.43 points Tuesday, closing at 15,750.67.The Nasdaq rose 0.13 settling in at 3,919.92, and the S&P 500 dipped 4.20 points to end the day at 1,767.69.