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Weaker outlooks for Wal-Mart and Cisco drive down stock market; Dow ends 225 points lower
NEW YORK, N.Y. – The stock market is closing sharply lower after bleak outlooks from Cisco and Wal-Mart.
The Dow Jones industrial average dropped 225 points, or 1.5 per cent, to close at 15,112 Thursday. It was down as much as 244 earlier.
The Standard & Poor’s 500 index slid 24 points, or 1.4 per cent, to 1,661.
The Nasdaq fell 63 points, or 1.7 per cent, to 3,606.
Wal-Mart fell 3 per cent after reporting lower revenue and cutting its profit forecast for 2013. Cisco dropped 7 per cent after the network equipment maker’s outlook missed analysts’ estimates.
The yield on the benchmark 10-year Treasury note jumped to 2.78 per cent, the highest since July 2011.
Five stocks fell for every one that rose on the New York Stock Exchange. Trading volume was about average.
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