Poor Earnings Lead to Big Declines on Wall Street
(NEW YORK) -- A poor earnings report from a big name in retail caused U.S. markets to drop on Wednesday.
Macy's latest numbers fell short of expectations -- enough for investors to worry about the outlook for consumer spending -- while other department store stocks also traded lower.
The Dow Jones Industrial Average fell 113.35 points to 15,345 as nine of 10 sectors on the index traded lower. The Nasdaq Composite closed down 15.17 points at 3,669.27, while the S&P 500 gave up 8.77 points to close at 1,685.39.
On a positive note, Apple shares surged past $500 Wednesday to their highest level since January. The gains come a day after activist investor Carl Icahn said he thinks the iPhone maker should do more to revive its stock price.
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