AFP, New York :
A downcast earnings forecast from Wal-Mart Stores and a lackluster US retail sales report sent retail stocks diving yesterday as US stocks finished lower.
The Dow Jones Industrial Average dropped 157.14 points (0.92 percent) to 16,924.75.
The broad-based S&P 500 fell 9.45 (0.47 percent) to 1,994.24, while the tech-rich Nasdaq Composite Index shed 13.76 (0.29 percent) to 4,782.85.
Retail behemoth Wal-Mart, a Dow member, plunged 10.0 percent after it predicted earnings per share would fall between six and 12 percent in fiscal 2017 that begins on February 1 due to heavy investment in higher wages and e-commerce.
The Commerce Department reported US retail sales for September rose just percent from August, half the increase expected by analysts.
Leading retailers that fell included Best Buy (-6.0 percent), Costco Wholesale (-1.6 percent), Macy’s (-1.0 percent) and Target (-3.5 percent).
Delta Air Lines rose 1.8 percent after reporting third-quarter profit of $1.3 billion, more than three times the year-ago level due in part to lower fuel prices.
Dow member JPMorgan Chase fell 2.5 percent as its third-quarter earnings came in at $1.32 per share, five cents below analyst expectations.
A downcast earnings forecast from Wal-Mart Stores and a lackluster US retail sales report sent retail stocks diving yesterday as US stocks finished lower.
The Dow Jones Industrial Average dropped 157.14 points (0.92 percent) to 16,924.75.
The broad-based S&P 500 fell 9.45 (0.47 percent) to 1,994.24, while the tech-rich Nasdaq Composite Index shed 13.76 (0.29 percent) to 4,782.85.
Retail behemoth Wal-Mart, a Dow member, plunged 10.0 percent after it predicted earnings per share would fall between six and 12 percent in fiscal 2017 that begins on February 1 due to heavy investment in higher wages and e-commerce.
The Commerce Department reported US retail sales for September rose just percent from August, half the increase expected by analysts.
Leading retailers that fell included Best Buy (-6.0 percent), Costco Wholesale (-1.6 percent), Macy’s (-1.0 percent) and Target (-3.5 percent).
Delta Air Lines rose 1.8 percent after reporting third-quarter profit of $1.3 billion, more than three times the year-ago level due in part to lower fuel prices.
Dow member JPMorgan Chase fell 2.5 percent as its third-quarter earnings came in at $1.32 per share, five cents below analyst expectations.
