Stocks fell in New York yesterday after the government said retail sales rose more than expected in November, indicating that consumers are spending freely despite higher interest rates.

On Wall Street, the Dow Jones industrial average fell 32.42, or 0.3 per cent, to close at 11,160.17. Broader stock indicators also closed lower, with technology stocks posting steep declines. The Standard and Poor's 500 fell 12.05 to 1,403.17, and the Nasdaq composite index fell 86.76 to 3,571.41. Declining issues outnumbered advancers by a 2-to-1 margin on the New York Stock Exchange, with 2,085 down, 1,048 up and 437 unchanged.