Stocks Edge Up After Retail Warnings Dampen Holiday Outlook Amid Falling Oil Prices
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Stocks reversed course and ticked upward Friday, poised for weekly gains after digesting retail updates and oil's losses amid slowing economy signs.
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Gap, Walmart, and Target warned falloff in consumer spending will hit holiday shopping season as oil sank into a bear market ahead of OPEC+ meeting.
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Alibaba's decision to abandon cloud unit spin-off highlighted US-China tensions after presidents' meeting failed to ease relations.
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Executives described more discerning consumers worn down by costs and anxieties over credit card debt and dwindling savings.
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Biden signed stopgap spending bill giving Congress reprieve from shutdown fights through holidays before issues resume in 2023.