Department stores disappointing earnings send stocks down stocks modestly lower.
Stocks in the consumer discretionary sector, which includes many retailers, slumped the most. Macy's plunged 17%. Kohl's, Dillard's and Nordstrom also fell sharply. "Those retail numbers are weighing on the market," said Quincy Krosby, market strategist at Prudential Financial. "Macy's came in well below what the market had expected, and that has basically put a cloud over the brick and mortar retail across the board." Banks and real estate companies were also big decliners. Consumer goods, healthcare and utilities stocks eked out small gains. Three stocks fell for every two that rose on the New York Stock where to buy pandora rings Exchange. Oil prices rose. The Standard Poor's 500 index fell 5.19 points, or 0.2%, to 2,394.44. The Dow Jones industrial average slipped 23.69 points, or 0.1%, to 20,919.42. The Nasdaq composite declined 13.18 points, or 0.2%, to 6,115.96, a day after closing at a new all time high. Small company stocks fell more than the rest of the market. The Russell 200 index dropped 9.39 points, or 0.7%, to 1,390.20. Only the Nasdaq is on track to end the week with a gain. The disappointing earnings from retailers set the major stock indexes on a downward trajectory early Thursday. Macy's tumbled 17% to $24.35 after its results fell pandora bracelet sale short of Wall Street forecasts. The stock was the biggest decliner in the S 500. Dillard's and Kohl's reported revenue that was below what analysts were expecting. Dillard's stock slumped 17.5% to $47.77. Kohl's slid 7.8% to $37.16. Nordstrom declined 7.6% to $46.21. The department store chain reported its results after the close of regular trading, and in after hours trading it was down an additional 3%. "It's definitely a discouraging sign, the reports we got from Macy's and Kohl's," said Lindsey Bell, investment strategist at CFRA. Penney is due to report results Friday. Wal Mart, Target, Home Depot and other big retailers do so next week. Despite the sluggish results from some department store chains, pandora jewerly corporate results for the first three months of the year have been mostly positive. With about 89% of companies in the S 500 index having reported results so far, 51% have turned in better than expected earnings and revenue, according to CFRA Research. Technology, financials and materials companies have posted the biggest earnings growth. The parent company of Snapchat was among the big movers Thursday: Snap plunged 21.5% to $18.05 a day after its first earnings report as a publicly traded company. It reported a huge loss and slowing user growth. Read more: Snap stock dives after its first earnings report shows Snapchat's slowing user growth also sold off shares in Straight Path Communications after a bidding war between AT and Verizon Communications to acquire the wireless licenses company ended. Verizon will acquire Straight Path in an all stock deal valued at about $3.1 billion. Straight Path shares dived 20.4% to $178.11. Verizon fell 0.8% to $46.02. Intrexon surged 20.8% to $23.62 after the biotechnology disney pandora charms company's quarterly revenue exceeded Wall Street's expectations. Bond prices rose. The yield on the 10 year Treasury note slipped to $2.39% from 2.41%. Among metals, gold inched up $5.30 to settle at $1,224.20 an ounce. Silver rose 6 cents to $16.21 an ounce. Copper rose a penny to $2.50 a pound. In currency trading, the dollar fell to 113.84 yen from 114.33 yen. The euro rose to $1.0863 from $1.0862. Major stock indexes in Europe closed mostly lower. Germany's DAX fell 0.4%, while France's CAC 40 edged down 0.3%. Britain's FTSE shed early gains to end flat. In Asia, indexes notched gains. Japan's Nikkei 225 rose 0.
3%, South Korea's Kospi jumped 1.2% and Hong Kong's Hang Seng index added 0.4%.
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