Dow Drops 138

Stocks sank today on a 1.1% drop in retail sales for March, and losses deepened after both President Obama and Ben Bernanke gave speeches cautioning against undue economic optimism, the Wall Street Journal reports. Both acknowledged “tentative signs” of recovery but stressed the long road ahead. The Dow fell 137.63 to close at 7,920.18. The Nasdaq lost 27.59, settling at 1,625.72, and the S&P 500 dropped 17.23, closing at 841.50. (More Dow Jones stories.)