Stocks Slide Lower on Poor Retail Profit Reports
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Stockphoto/Thinkstock(NEW YORK) — U.S. stocks closed lower on Tuesday after disappointing retailer profits and word that the Federal Reserve may be close to reducing its economic stimulus.
The Dow Jones Industrial Average fell 93.39 points to close at 15,518.74. The S&P 500 index lost 9.77 points, and closed at 1,697.37. The Nasdaq Composite closed at 3,665.77, a loss of 27.18 points.
American Eagle stock slid 12 percent to $17.57 after the teen retailer slashed its earnings forecast due to weak sales.
They’re not the only ones. A growing list of companies, including eBay and Marriott, have told analysts to lower their expectations for the coming quarters.
On the upside, however, the Commerce Department says that the U.S. trade gap is at its lowest level since October 2009.
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