NEW YORK >> Target says it is discounting thousands of products throughout its stores, sending its stock down and dragging most of the retail sector with it.
Retailers in general have struggled to compete with Amazon.com and the countless shopping options available online.
However, Target did report last quarter that its online sales jumped 32 percent and its revenue beat Wall Street expectations. The retailer is spending billions to remodel stores and strengthen its online business.
Shares in Target Corp. closed down 2 percent Friday. Shares in Sears fell more than 3 percent, while Walmart, Dollar General and Costco all fell more than 1 percent after Target’s announcement.
Consumer borrowing increased in July
WASHINGTON >> American consumers borrowed more heavily in July, increasing their debt primarily in a category that includes auto and student loans.
The Federal Reserve said Friday that overall consumer credit rose $18.5 billion in July, up from the $11.9 billion increase in June.
Economists and financial markets watch the credit report closely for clues about the direction of consumer spending.
Nonrevolving credit, which includes auto and student loans, increased $15.8 billion.
The July increase brought consumer credit to a total of $3.75 trillion.
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