Tuesday, July 22, 2014

Stocks drop after bleak corporate outlooks

August 15. 2013 4:42PM
Associated Press

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(AP) The stock market is closing sharply lower after bleak outlooks from Cisco and Wal-Mart.

The Dow Jones industrial average dropped 225 points, or 1.5 percent, to close at 15,112 Thursday. It was down as much as 244 earlier.

The Standard & Poor's 500 index slid 24 points, or 1.4 percent, to 1,661.

The Nasdaq fell 63 points, or 1.7 percent, to 3,606.

Wal-Mart fell 3 percent after reporting lower revenue and cutting its profit forecast for 2013. Cisco dropped 7 percent after the network equipment maker's outlook missed analysts' estimates.

The yield on the benchmark 10-year Treasury note jumped to 2.78 percent, the highest since July 2011.

Five stocks fell for every one that rose on the New York Stock Exchange. Trading volume was about average.

Associated Press

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