Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Hot on Facebook
Guy Buys $123 Safe on eBay, Finds $26,000 Inside Seller tries to get half the cash back, fails »

Wal-Mart Sends Dow South

Retailers not doing so hot

By Kevin Spak,  Newser Staff

Posted Jan 8, 2009 8:48 AM CST

(Newser) – Stocks tumbled at the open today after Wal-Mart slashed its earnings estimates, driving fear in the retail sector. The Dow dropped 62, while the Nasdaq and S&P fell 0.5% and 0.7% respectively. There was more bad news on the job front, with unemployment claims climbing to their highest level since November 1992. Economists expect tomorrow’s nonfarm payroll report will show a contraction of at least 500,000 jobs.

Retailers also released ugly December sales numbers. Wal-Mart's same-store sales rose 1.7%, but after its earnings target cut, its shares fell 8%. Macy’s dropped more than 2% after reporting a 4% drop in same-store sales and a plan to close 11 locations that employ nearly 1,000 people. Sears bucked the trend, upping its estimates and earning an 8% jump in its stock price. Oil continued its fall, dropping to $41.74 a barrel.

George Dietz of DRD Securities works on his handheld device late on a down trading day at the New York Stock Exchange, Wednesday, Jan. 7, 2009 in New York.
George Dietz of DRD Securities works on his handheld device late on a down trading day at the New York Stock Exchange, Wednesday, Jan. 7, 2009 in New York.   (AP Photo/Henny Ray Abrams)
Albert Young of Ameriprise Advisor Services watches the late numbers on the floor of  the New York Stock Exchange, Wednesday, Jan. 7, 2009 in New York.
Albert Young of Ameriprise Advisor Services watches the late numbers on the floor of the New York Stock Exchange, Wednesday, Jan. 7, 2009 in New York.   (AP Photo/Henny Ray Abrams)
Banc of America specialist Peter Giacchi looks at his monitor late on a down trading day at the New York Stock Exchange, Wednesday, Jan. 7, 2009 in New York.
Banc of America specialist Peter Giacchi looks at his monitor late on a down trading day at the New York Stock Exchange, Wednesday, Jan. 7, 2009 in New York.   (AP Photo/Henny Ray Abrams)
« Prev« Prev | Next »Next » Slideshow
To report an error on this story, notify our editors.
A snapshot of the day's best news stories.
 
COMMENTS
Be the first to comment on this story.

More Newser Stories

Stocks Fall on Retail, Job Data

Dow Down 100 at Open

Dow Plunges 480+, Below 11K

Dow Rises 100+ on Retail Sales Report

Oil, Banks Steal 63 From Dow


NEWS FROM OUR PARTNERS
Other Sites We Like:   24/7 Wall St.   |   Betty Confidential   |   BuzzFeed   |   Cracked   |   Fark   |   Timelines   |   The Frisky   |   Geek Sugar   |   NewsOne