(CNBC) U.S. stocks closed lower Wednesday, under pressure from disappointing Disney and Macy's earnings, amid sharp gains in oil following a surprise inventory draw.
The SPDR S&P Retail ETF (XRT) closed down 4.44 percent for its worst day since Aug. 18, 2011. The ETF is down more than 15 percent over the last 12 months. ( Tweet This )
"Stocks are down due to worries about consumer spending, which has been the mainstay of economic growth through this whole expansion," said Kate Warne, investment strategist at Edward Jones, noting the "overall view is still optimistic."
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