Stocks down sharply on weak retail earnings
Specialists Frank Masiello, left, and Mario Picone work at the post that handles AT&T on the floor of the New York Stock Exchange on Wall Street on Monday, May 19, 2014. Credit: AP / Richard Drew
Stocks closed sharply lower Tuesday after several major retailers reported disappointing results.
At the close on Wall Street, the Dow Jones industrial average was down 137.6 points, or about 0.8 percent, at 16,374.3. The Standard & Poor's 500 index lost 12.3 points, or nearly 0.7 percent, to 1,872.8. The Nasdaq composite slipped nearly 29 points, or 0.7 percent, to nearly 4,097.
Staples dropped nearly 13 percent after the office supply chain said its earnings fell sharply in the latest quarter. Shares closed down $1.68 at $11.71.
Dick's Sporting Goods plunged nearly 18 percent after its earnings and revenue fell short of what investors were expecting. Shares closed down $9.56 at $43.60.
Small-company stocks fell more than the rest of the market. The Russell 2000 lost 16.5 points, or about 1.5 percent, to close around 1,098, near a six-month low.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.51 percent.
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