Stocks turn lower on Macy's, Fed's Plosser

By Jennifer Coogan

Department store chain Macy's said sales at stores open at least one year fell 7.1 percent last month, raising anxiety about Thursday's wave of sales results from a slew of other retailers.

Stocks began retreating from session highs after Philadelphia Federal Reserve President Charles Plosser said the U.S. central bank must remain vigilant against quickening inflation pressures this year, even as the economy slows sharply. The comments may cast some doubts on the Fed's ability to keep cutting interest rates.

The Dow Jones industrial average was down 24.71 points, or 0.20 percent, at 12,240.42. The Standard & Poor's 500 Index was down 2.73 points, or 0.20 percent, at 1,333.91. The Nasdaq Composite Index was down 9.62 points, or 0.42 percent, at 2,299.95.

(Reporting by Jennifer Coogan; editing by Gary Crosse)