Weak results at retailers drag US stocks lower

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Associated Press

Posted on May 20, 2014 at 10:00 AM

Updated Tuesday, May 20 at 10:09 AM

NEW YORK (AP) — Stocks are opening lower after several major retailers reported dismal results.

Staples dropped 10 percent after the office supply chain said its earnings plunged in the latest quarter. The company closed down more store locations in a shift toward online sales.

Discount retailer TJX fell 5 percent after reporting weak sales.

The Dow Jones industrial average fell 46 points, or 0.3 percent, to 16,465 in the first few minutes of trading Tuesday.

The Standard & Poor's 500 index lost five points, or 0.2 percent, to 1,880. The Nasdaq composite fell 13 points, or 0.3 percent, to 4,112.

Thailand's stock market slumped and its currency wobbled after the country's military declared martial law.

Bond prices rose. The yield on the 10-year Treasury note edged down to 2.53 percent.

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