Stocks drop despite rise in retail sales

Monday, May 13th, 2013 | Finance News

NEW YORK (AP) — Stocks are mixed in midday trading, pausing a record-breaking stock rally even after the government reported that Americans increased spending last month.

The Dow fell 22.86, or 0.2 percent, to 15,096 as of 11:50 Eastern Daylight Time. The Standard and Poor's 500 index added a fraction to 1,634. They both closed at record highs Friday.

The Nasdaq composite rose 5 points to 3,442.

Retail sales increased 0.1 percent in April from March, the Commerce Department said Monday. That's an improvement from the small decline in March.

Yum Brands slipped 2.4 percent after the owner of Kentucky Fried Chicken said that sales in China fell last month.

Theravance surged 15 percent. Elan Corp. will pay $1 billion for the right to future royalties from respiratory treatments Theravance and GlaxoSmithKline are developing.

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