Wall Street retreats with global markets as rally fades

NEW YORK (AP) — Wall Street is retreating in early trading Thursday following a mixed set of reports on the economy, including one showing that layoffs continue across the country at a stubbornly steady pace. The S&P 500 was 0.6% lower after the first half hour of trading, following markets worldwide downward. Stocks in China dropped particularly sharply after a report showed shoppers there are slow to spend even though its economy returned to growth. Treasury yields also sank in a sign of increased caution. The Dow Jones Industrial Average was down 106 points, or 0.4%. The Nasdaq composite took a harder fall, down 1.1%.