Weak results from CSX, Citi drag US stocks lower; Best Buy plunges on holiday sales decline

NEW YORK, N.Y. – Retailers and railroads are among the biggest decliners in midday trading as investors react to disappointing earnings from Best Buy and a poor outlook from CSX.

The Dow Jones industrial average fell 69 points, or 0.4 per cent, to 16,413 as of noon Eastern time Thursday.

The Standard & Poor’s 500 was down four points, or 0.3 per cent, at 1,843, slightly below its record high close the day before.

The Nasdaq composite was down a point at 4,213.

Best Buy plunged 28 per cent after a decline in holiday sales disappointed investors who were expecting growth.

A weak earnings forecast from railroad operator CSX late Wednesday dragged that stock and other railroads lower. CSX dropped 7 per cent.

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