Stocks Driven Lower on Poor Earnings
(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.
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