Weak results at retailers drag US stocks lower

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Associated Press

Posted on May 20, 2014 at 11:01 AM

Updated Tuesday, May 20 at 11:06 AM

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

Staples dropped 12 percent after the office supply chain said its earnings fell sharply in the latest quarter. The company closed down more store locations as sales shift online.

Dick's Sporting Goods plunged 17 percent after its earnings and revenue fell short of what investors were expecting. The company also cut its full-year profit forecast.

The Dow Jones industrial average fell 35 points, or 0.2 percent, to 16,476 in midday trading Tuesday.

The Standard & Poor's 500 index lost two points, or 0.1 percent, to 1,882. The Nasdaq composite lost a point to 4,124.

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

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