US stocks slide after disappointing economic news
NEW YORK (AP) — The stock market is down sharply after disappointing economic news and a couple bad earnings reports from retailers.
The Standard & Poor’s 500 index slid 21 points, or 1.2 percent, to 1,867 just before 12 p.m. Eastern Time Thursday.
The Dow Jones industrial average dropped 176 points, or 1.1 percent, to 16,437. The Nasdaq composite lost 52 points, or 1.3 percent, to 4,048.
Wal-Mart Stores fell $1.81 to $76.93 after it reported a lower profit in its most recent quarter and warned that things don’t look much better this quarter. The company blamed a harsh winter.
Department store operator Kohl’s also fell sharply after reporting a drop in quarterly earnings.
Bond prices rose, pulling the yield on the 10-year Treasury note below 2.4 for the first time this year.