Weak company earnings drag US stocks mostly lower
NEW YORK (AP) — Stocks are ending mostly lower after several companies turned in disappointing earnings news, including Best Buy, Citigroup and the railroad operator CSX.
The Dow Jones industrial average fell 64 points, or 0.4 percent, to 16,417 Thursday.
The Standard & Poor’s 500 index fell two points, or 0.1 percent, to 1,845. The Nasdaq composite edged up almost four points, or 0.1 percent, to 4,218.
Best Buy plunged 29 percent after the electronics retailer reported disappointing holiday sales, raising questions about whether it can turn its fortunes around.
A weak earnings forecast from CSX late Wednesday dragged that stock and other railroads lower. CSX dropped 7 percent.
Nu Skin, a skin care and nutritional products company, plunged 39 percent after Chinese state media reported that authorities there were investigating its business practices.