In the currency market, the dollar was little changed vs. the euro. Late Friday, the euro was trading at $1.4231 vs. $1.4236 on Thursday.

The U.S. markets took a beating yesterday (Thursday) as retail sales sputtered and jobless claims surged.  At the New York close, the blue-chip Dow Jones Industrial Average Index had posted a loss of 344.65 points (-2.99%), to trade at 11,188.23. The tech-laden Nasdaq Composite Index dropped 74.69 points (-3.20%), to reach 2,259.04. And the broader Standard & Poor’s 500 Index lost 38.16 points (-2.99%), to settle at 1,236.82.

Before I get to this weeks calendar, I wanted to look back at some reports that came out last week because there were some surprising numbers. Perhaps the biggest surprise came from the Durable Goods Orders report from last Wednesday which showed an increase of 1.3 percent when the market expected zero growth.

GM Pins Hopes on Cruze; GameStop’s Worried Outlook; New Car-Parts Leader; U.K.’s Retail Sale Surprise; Oil Bounces Back; Is Lehman a Takeover Target?; Jobless Claims on Decline; BK Has Its Way

Retail sales fell 0.1% in July, as home values declined, unemployment rose, and consumers cut back on big-ticket spending. The decline was the first drop in five months and followed a 0.3% up-tick in June, the Commerce Department reported yesterday (Wednesday). Sales at dealerships and parts stores were at the forefront of losses dropping 2.4%. Excluding automobiles, retail sales rose 0.4%.