US stocks end lower

Dhaka,  Wed,  24 May 2017
Published : 12 May 2017, 10:28:58
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US stocks slide as investors fret about retail

US stocks end lower
US stocks fell on Thursday after worse-than-expected sales drops at Macy's and Kohl's sparked a selloff in shares of department stores and stirred fears that consumers are not spending enough to drive strong economic growth.

Macy's dismal quarterly performance sent its shares tumbling 17 per cent, taking a toll on the consumer discretionary sector, which fell 0.59 per cent.

Kohl's dropped 7.86 per cent after it reported a drop in quarterly sales, while shares of Nordstrom and JC Penney Co Inc each dropped more than 7.0 per cent.

Eight of the 11 major S&P sectors declined. Financials fell 0.53 per cent, weighed down by a 1.79-per cent loss in Wells Fargo.

The Dow Jones Industrial Average fell 0.11 per cent to end at 20,919.42 points and the S&P 500 lost or 0.22 per cent to 2,394.44.

The Nasdaq Composite dropped 0.22 per cent to 6,115.96.

Shares of Snap Inc plunged 21.45 per cent after the Snapchat owner reported a slowdown in user growth and revenue in its first earnings report as a publicly-listed company.

Straight Path fell 20.41 per cent after it agreed to be taken over by Verizon in a $3.1 billion deal, snubbing a rival offer from AT&T.

Merck rose 0.77 per cent after the US FDA cleared its lung cancer combination treatment.

Declining issues outnumbered advancing ones on the NYSE by a 1.58-to-1 ratio; on Nasdaq, a 1.73-to-1 ratio favoured decliners.

The S&P 500 posted 16 new 52-week highs and 9 new lows; the Nasdaq Composite recorded 92 new highs and 65 new lows.

About 6.7 billion shares changed hands on U.S. exchanges, in line with the daily average over the last 20 sessions, according to Reuters.
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