FILE - In this Tuesday, Jan. 14, 2014 file photo, traders gather at a post on the floor of the New York Stock Exchange. World stock markets struggled on Thursday Jan. 16, 2014 as they fought to scrape out more gains a day after a key U.S. benchmark climbed to a new high on strong earnings and economic data. (AP Photo/Richard Drew)
Weak earnings drag U.S. stocks mostly lower
By KEN SWEET
| The Associated Press
First Published Jan 16 2014 08:37 am • Last Updated Jan 16 2014 02:58 pm
New York » Stocks are ending mostly lower after several companies turned in disappointing earnings news, including Best Buy, Citigroup and the railroad operator CSX.
The Dow Jones industrial average fell 64 points, or 0.4 percent, to 16,417 Thursday.
The Standard & Poor’s 500 index fell two points, or 0.1 percent, to 1,845. The Nasdaq composite edged up almost four points, or 0.1 percent, to 4,218.
Best Buy plunged 29 percent after the electronics retailer reported disappointing holiday sales, raising questions about whether it can turn its fortunes around.
A weak earnings forecast from CSX late Wednesday dragged that stock and other railroads lower. CSX dropped 7 percent.
Nu Skin, a skin care and nutritional products company, plunged 39 percent after Chinese state media reported that authorities there were investigating its business practices.
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