Markets’ Slide Continues
(NEW YORK) — Stocks fell on mixed earnings reports from some big retailers. A big jump in weekly jobless claims also didn’t help the markets.
The Dow lost 28.57 points, or 0.2 percent, to close at 12,542.38. The Nasdaq gave up 10 points and closed at 2,836.94. The S&P closed at 1,353.33, down 2.16 points.
Wal-Mart’s stock fell sharply, after the retailer issued a weak outlook for fourth-quarter profits. Target said its profit and sales rose but the sales gains were slower than last year. Shares in Ross Stores slid after it predicted poor results for the holiday shopping season.
There was a big jump in the number of Americans who filed first time unemployment claims, and Sandy may be to blame. The government says weekly applications spiked by 78,000 last week, and many of them were in states damaged by the storm. People can claim unemployment benefits if their workplaces close and they don’t get paid.
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