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Futures off as Congress heads for another showdown

Published on NewsOK Modified: January 3, 2013 at 8:19 am •  Published: January 3, 2013

NEW YORK (AP) — U.S. stock futures slipped Thursday with some retailers posting lackluster sales for December and a new fight looming in Congress.

Unemployment benefit applications rose as well last week, but those numbers were likely distorted by the holidays.

Dow Jones industrial futures fell 22 points to 13,309. The broader S&P futures gave up 2.4 points to 1,454.70. Nasdaq futures slipped 3 points to 2,735.75.

One company for which sales were not a problem in 2012 was Chrysler, which on Thursday put up its best numbers since 2007, when the economic meltdown began.

Chrysler sales rose 21 percent for the year, which ended strong with a 10 percent increase for the month of December.

Some retailers, however, struggled during the most crucial time of the year as shoppers held out for deep discounts.

Target Chairman and CEO Gregg Steinhafel said December sales were slightly below expectations, with a strong finish not enough to offset a slow start.

Target's revenue at stores open at least a year were essentially flat. Analysts surveyed by Thomson Reuters expected an increase of 0.8 percent.

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