Stocks Ended with Slight Loss
U.S. stocks ended Monday’s light-volume session slightly lower as evidence piled up that the global economic slowdown is dragging on Asia. The Dow Jones Industrial Average lost 38.52 points, or 0.29%, to 13,169.43. The S&P 500 lost 1.76 points, or 0.13%, to 1,404.11. The Nasdaq Composite ended up 1.66 points, or 0.05%, to 3,022.52.
Sears is moving forward with plans to spin off its Hometown and Outlet stores as well as some hardware stores into a separate publicly traded company. Sears had signaled that it would split the companies back in February. There are a total of 1,238 Hometown, Outlet and hardware stores as of April 28, according to Sears, which is trying to turn around its business and spruce up its image. It has already closed five Hometown stores, eight hardware stores and one Outlet store.
Groupon Inc. saw its market value further erode Monday after the company said its core online coupon business ran into difficulties in the second quarter, while its less-profitable discount retail business grew in prominence.
Crude-oil futures ended lower Monday after pushing past $94 a barrel and as U.S. equities also declined. Crude for September delivery retreated 14 cents, or 0.2%, to settle at $92.73 a barrel on the New York Mercantile Exchange.