Weak results at retailers drag US stocks lower
NEW YORK (AP) — Stocks are closing lower after several major retailers reported disappointing results.
Staples dropped 13 percent after the office supply chain said its earnings fell sharply in the latest quarter.
Dick’s Sporting Goods plunged 18 percent after its earnings and revenue fell short of what investors were expecting.
The Dow Jones industrial average fell 137 points, or 0.8 percent, to close at 16,374 Tuesday.
The Standard & Poor’s 500 index lost 12 points, or 0.7 percent, to 1,872. The Nasdaq composite fell 28 points, or 0.7 percent, to 4,096.
Small-company stocks fell more than the rest of the market. The Russell 2000 lost 16 points, or 1.5 percent, to 1,097, near a six-month low.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.51 percent.