Wal-Mart Stores Inc. pulled down the Dow Jones industrial average yesterday after analysts at JPMorgan lowered their outlook for the company. The Standard & Poor's 500 index and the Nasdaq closed slightly higher.
JPMorgan's analysts say the world's largest retailer risks losing customers as low-income customers head to discount stores and other shoppers return to more expensive stores. Wal-Mart dropped 1.6 percent and was the weakest company among the 30 that make up the Dow Jones industrial average.
The Dow fell 5.07 points, or less than 0.1 percent, to 12,268.19. The Standard & Poor's 500 index rose 3.17 points, or 0.2 percent, to 1,332.32. The Nasdaq composite gained 7.74 points, or 0.3 percent, to 2,817.18. The yield on the benchmark 10-year Treasury note edged down to 3.62 percent, slightly lower than late Friday. - AP