Loading…
Monday, October 20, 2014
Current Weather
Loading Current Weather....
Published: Tuesday, 5/20/2014

Weak results at retailers drag U.S. stocks lower

Staples, Dick's Sporting Goods plunge

ASSOCIATED PRESS

NEW YORK — Stocks are moving lower after several major retailers reported dismal results.

Staples dropped 12 percent after the office supply chain said its earnings fell sharply in the latest quarter. The company closed down more store locations as sales shift online.

Dick’s Sporting Goods plunged 17 percent after its earnings and revenue fell short of what investors were expecting. The company also cut its full-year profit forecast.

The Dow Jones industrial average fell 35 points, or 0.2 percent, to 16,476 in midday trading today.

The Standard & Poor’s 500 index lost two points, or 0.1 percent, to 1,882. The Nasdaq composite lost a point to 4,124.

Bond prices rose. The yield on the 10-year Treasury note edged down to 2.53 percent.



Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. If a comment violates these standards or our privacy statement or visitor's agreement, click the "X" in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member. To find out more, please visit the FAQ.

Related stories