Stocks slip after Macy's says to expect markdowns
Trader John Bishop works on the floor of the New York Stock Exchange, Tuesday, Nov. 10, 2015. Credit: AP / Richard Drew
Stocks closed lower Wednesday, dragged down by weakness in retailers and energy companies.
Macy's plunged 14 percent Wednesday after reporting disappointing results and cutting its profit forecast. Other retailers also fell as investors worried that sales could be slow in the upcoming holiday shopping period.
Oil and gas stocks fell as the price of crude sank. Benchmark U.S. oil sank 3 percent to close just under $43 a barrel.
Several global beer makers rose after AB InBev, which makes Budweiser, said it had finalized the terms of a takeover of SABMiller.
At the close the Dow Jones industrial average had fallen nearly 56 points, about 0.3 percent, to 17,702.2. The Standard & Poor's 500 index lost 6.7 points, about 0.3 percent, to 2,075. The Nasdaq composite declined 16.2 points, about 0.3 percent, to 5,067.
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Get ready for sun and fun with NewsdayTV's summer FunBook special! From celebrating America's 250th birthday to a new ride at Adventureland, NewsdayTV's Elisa DiStefano and Newsday lifestyle editor Meghan Giannotta have your inside look at Newsday's summer FunBook.
