Weak results from CSX, Citi drag stocks lower

Best Buy plunges on holiday sales decline

1/16/2014

NEW YORK — Retailers and railroads are among the biggest decliners in midday trading as investors react to disappointing earnings from Best Buy and a poor outlook from CSX.

The Dow Jones industrial average fell 69 points, or 0.4 percent, to 16,413 as of noon today.

The Standard & Poor’s 500 was down four points, or 0.3 percent, at 1,843, slightly below its record high close the day before.

The Nasdaq composite was down a point at 4,213.

Best Buy plunged 28 percent after a decline in holiday sales disappointed investors who were expecting growth.

A weak earnings forecast from railroad operator CSX late Wednesday dragged that stock and other railroads lower. CSX dropped 7 percent.