Click to play videoWashington: Stocks ended mixed on Thursday following news of weak December retail sales and new details from US President-elect Barack Obama about his economic recovery plan.
The Dow Jones index fell three-tenths of a per cent ending at 8742. The Nasdaq gained 1.1 per cent closing at 1617.
In a policy speech at George Mason University, Obama called on US Congress to move quickly on his economic plan.
Obama said it was not too late to change course, but if nothing is done, the recession could last for years.
While Obama pointed the finger at politicians who spent taxpayer money irresponsibly, he also said the government has to step in.
“It is true that we cannot depend on government alone to create jobs or long-term growth, but at this particular moment, only government can provide the short-term boost necessary to lift us from a recession this deep and severe,” he said.
Obama promised his proposal will jumpstart job creation and long-term growth. As expected, the nation's retailers reported poor sales in December, prompting some to warn that quarterly results will decline.
According to Thomson Reuters, sales for a group of 35 retailers fell by nearly one per cent.
Even Wal Mart, which has so far thrived during the recession, posted a smaller-than-expected gain for the month.
Analysts say that shows consumers are clearly cutting back.
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