Quantcast
Get breaking news alerts via email

Click here to manage your alerts
FILE - In this Wednesday, Jan. 8, 2014, file photo, specialist Michael Shearin, foreground center, works at his post on the floor of the New York Stock Exchange. U.S. stock futures are rising, Thursday, Jan. 9, 2014, ahead of the opening bell on Wall Street, helped by a report that the number of people who filed for unemployment benefits last week fell more than expected. (AP Photo/Richard Drew, File)
Stocks mostly lower for a second day; Retail sinks
First Published Jan 09 2014 09:21 am • Last Updated Jan 09 2014 01:56 pm

New York » Disappointing news from retailers helped nudge the stock market mostly lower Thursday afternoon.

KEEPING SCORE: The Dow Jones industrial average fell six points, or less than 0.1 percent, to 16,455 as of 3:35 p.m. Eastern time. The Dow fell as much as 84 points earlier in the day. The S&P 500 was up a point, or 0.1 percent, to 1,839 and the Nasdaq composite lost nine points, or 0.2 percent, to 4,157.

Join the Discussion
Post a Comment

MACY’S CUTS: Macy’s rose $4.28, or 8 percent, to $56.13 after the department store chain late Wednesday said it would eliminate 2,500 jobs as part of a reorganization that aims to save $100 million a year. The company also forecast a 2014 profit that was above Wall Street’s forecasts.

TROUBLE IN RETAIL: Bed Bath & Beyond plunged $9.90, or 12 percent, to $69.79 and Family Dollar fell $1.55, or 2 percent, to $64.79 after cutting their earnings forecasts following a disappointing holiday season. Bed Bath & Beyond fell the most in the S&P 500 index, and Family Dollar was among the top 10 decliners.

WHERE’S THE SPENDING? "The consumers are supposed to be the fuel of this economy, and it doesn’t appear to be happening," said Ian Winer, director of trading for Wedbush Securities. "If they’re not spending money at the retailers, what’s going on?"

THE ECONOMY: The number of Americans seeking unemployment benefits fell by 15,000 last week to 330,000. The drop was slightly bigger than economists predicted, according to FactSet. The claims report sets the stage for the government jobs report for December. Economists expect employers added 196,000 jobs last month.

FORD DIVIDEND: Ford rose 35 cents, or 2 percent, to $15.89 after the company announced it was increasing its quarterly dividend to 12.5 cents per share, up from 10 cents per share. The increase comes a day after the stock gained 1 percent on news that Ford’s widely respected CEO, Alan Mulally, would not leave to run Microsoft.

EARNINGS SEASON: Thursday marks the beginning of third-quarter earnings releases for U.S. companies. Alcoa, an aluminum maker and former Dow component, will report its earnings after the closing bell. Alcoa was already in the news earlier Thursday, falling 19 cents, or 2 percent, to $10.65 on word that an Alcoa subsidiary will plead guilty and pay $384 million for paying bribes to the Middle Eastern Kingdom of Bahrain.




Copyright 2014 The Salt Lake Tribune. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Top Reader Comments Read All Comments Post a Comment
Click here to read all comments   Click here to post a comment


About Reader Comments


Reader comments on sltrib.com are the opinions of the writer, not The Salt Lake Tribune. We will delete comments containing obscenities, personal attacks and inappropriate or offensive remarks. Flagrant or repeat violators will be banned. If you see an objectionable comment, please alert us by clicking the arrow on the upper right side of the comment and selecting "Flag comment as inappropriate". If you've recently registered with Disqus or aren't seeing your comments immediately, you may need to verify your email address. To do so, visit disqus.com/account.
See more about comments here.
Staying Connected
Videos
Jobs
Contests and Promotions
  • Search Obituaries
  • Place an Obituary

  • Search Cars
  • Search Homes
  • Search Jobs
  • Search Marketplace
  • Search Legal Notices

  • Other Services
  • Advertise With Us
  • Subscribe to the Newspaper
  • Access your e-Edition
  • Frequently Asked Questions
  • Contact a newsroom staff member
  • Access the Trib Archives
  • Privacy Policy
  • Missing your paper? Need to place your paper on vacation hold? For this and any other subscription related needs, click here or call 801.204.6100.