Stocks Ended Lower, Wal-Mart Sank Retailers
- Thursday, February 18, 2016, 17:04
- Stock Market
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U.S. Stocks closed lower on Thursday to snap a three-day winning streak. Consumer stocks fell after Wal-Mart reported disappointing sales and cut its projections for the year. The Dow Jones Industrial Average fell 40.40 points, or 0.25%, to 16,413.43. The S&P 500 shed 8.99 points, or 0.47%, to 1,917.83. The Nasdaq Composite was down 46.53 points, or 1.03%, to 4,487.54.
Walmart (WMT) said Thursday its fourth quarter earnings fell 7.9% due to lower sales and higher operating expenses.Walmart, headquartered in Bentonville, Ark., reported net income of $4.57 billion for the three month period ended Jan. 31, compared to $4.97 billion in the year-ago period.
Despite the “Sturm und Drang” of international and market developments, the U.S. economy “is, all in all, looking pretty good,” said San Francisco Fed President John Williams on Thursday. In a speech in Los Angeles, Williams said he continues to back a “gradual path” of rate increases.
Oil futures posted a mixed finish Thursday, giving up big gains after an official from Saudi Arabia was quoted as saying the world’s swing producer was “not prepared” to cut oil production. Light, sweet crude futures for delivery in March finished with a gain of 11 cents, or 0.4%, at $30.77 a barrel on the New York Mercantile Exchange, after trading as high as $31.98 earlier in the day. April Brent crude on London’s ICE Futures exchange fell 22 cents, or 0.6%, to end at $34.28 a barrel.
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