An earlier version gave the wrong spelling of Steven Hirsch's last name and the wrong first name for Alec Helmy.
This op-ed has been updated to reflect that a 37-percent drop in the S&P 500 from its peak in this cycle would take it down to 1,300.
NRF revised its initial report. This story has been updated to reflect that holiday sales increased to $626.1 billion.
An earlier version misspelled Drexel.
This story has been updated to reflect that eight states may see small hikes to their minimum wage due to cost of living in 2016, that New York's minimum wage is rising from $8.75 and that at least 16 states will be raising the minimum wage in 2016.
This story has been corrected to reflect the amount that retailers are investing to improve their inventory data systems.
An earlier version misstated the drop in return on investment when the winning number is split three ways.
This version clarifies that Santos said S&P 500 earnings growth would not be as high as projections imply.
Correction: This story has been updated to reflect that the S&P 500 broke the psychologically key 1,900 level in intraday trade. That figure was misstated in an earlier version of this story.
This story has been updated to reflect that U.S. oil futures settled at $30.44 a barrel. A previous version of this story misstated the closing figure.