• Sat 67°F / 39°F

Stocks Driven Lower on Poor Earnings

Chris McGrath/Getty Images(NEW YORK) -- Retailers and railroads pushed stocks lower Thursday. Investors reacted to disappointing earnings from discount electronics chain Best Buy due to lackluster holiday sales and a poor outlook from CSX, a freight rail line.

The Dow Jones Industrial Average closed down 65 points at 16,417.01. The Nasdaq Composite gave up 4 points, closing at 4,218. The S&P 500 completed the session 2 points lower at 1,845.89.

Pre-market Thursday, Best Buy shares were down almost 30 percent -- that's more than $10 a share. That is because the consumer electronics company reported that total revenue and sales at its U.S. stores fell during the all-important holiday season due to intense discounting by rivals, supply issues and weaker-than-expected store traffic in December.

Neiman Marcus says customers' Social Security numbers and birthdays were, to its knowledge, not stolen in a security breach over the holiday season.  Last week, the retailer said thieves stole some customers payment information and made unauthorized charges.

Copyright 2014 ABC News Radio

Advertise With Us

Would you like to advertise on East Idaho News? Fill out this form to contact a representative.
  • Full and Last
  • The name of your company, business or brand.