U.S. Stocks Extend Losses as Wal-Mart Leads Dow Average Lower
U.S. stocks retreated, with the Standard & Poor’s 500 Index retreating from a five-year high, as Wal-Mart Stores Inc. plunged after e-mails showed the company had the worst sales start to a month in seven years.
The S&P 500 lost 0.3 percent to 1,516.43 at 2:22 p.m. in New York and the Dow Jones Industrial Average fell 38.09 points to 13,935.3.
Wal-Mart sank 3.4 percent after e-mails obtained by Bloomberg News showed company executives believe payroll-tax increases hit shoppers already battling a slow economy.
To contact the editor responsible for this story: Michael P. Regan at mregan12@bloomberg.net
U.S. Stocks Extend Losses as Wal-Mart Leads Dow Average Lower
Andrew Harrer/Bloomberg
Grocery items sit inside a cart at a Wal-Mart store.
Grocery items sit inside a cart at a Wal-Mart store. Photographer: Andrew Harrer/Bloomberg
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