Stocks close lower on Wall Street; Macy’s slumps after lowering forecast; Apple jumps
NEW YORK, N.Y. – The stock market is ending lower after Macy’s disappointed investors with a weak quarterly profit, casting doubt about how willing shoppers are to spend and support the U.S. economy.
The Dow Jones industrial average fell 113 points, or 0.7 per cent, to close at 15,337 on Wednesday.
The Standard & Poor’s 500 index was down eight points, or 0.5 per cent, at 1,685. The Nasdaq was down 15 points, or 0.4 per cent, at 3,669.
Macy’s ended down $2.17, or 4 per cent, to $46.33, the third-biggest decliner in the S&P 500.
Apple rose above $500 for the first time since January, climbing as much as $14.68, or 3 per cent, to $504.25
Two stocks fell for every one that rose on the New York Stock Exchange. Trading was light at 2.8 billion shares.
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