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Wal-Mart shares dive on profit warning Wal-Mart drags Dow Jones lower
(about 7 hours later)
Shares in the stores giant Wal-Mart fell 10% in afternoon trading after the company warns earnings will be below forecasts. A sharp fall in Wal-Mart's shares dragged the Dow Jones index lower.
Wal-Mart warned the strong dollar would leave profits $15bn under target. Shares in the retail giant fell 10% after the company revised its earnings forecast down.
Elsewhere shares on Wall Street were slightly ahead at open, as the company earnings season begins. The slump in Wal-Mart shares also affected other US retailers - Macy's was down by 1% and Target was down by 3.5%
Not long after open the Dow Jones stood at 17,103.40, up 21.51 points, or 0.13%. The Nasdaq index gained 3.90 points, or 0.08%, to 4800.51 points. The Dow Jones closed at at 16,924.75, a drop of 157.14 points or 0.92%. The Nasdaq index closed at 4,782.85, a fall of 13.76 points or 0.29%.
The S&P 500 gained 1.35 points, or 0.07%, to 2,005.04 points. The S&P 500 declined after early gains landing at 1,994.24 a loss of 9.45 points or 0.47%.
Meanwhile, the Commerce Department reported US retail sales for September were up by just 0.1% from August. Among the Dow Jones winners was Bank of America, which closed up by 0.77% after reporting a quarterly profit of $4.1bn.
Among the Dow Jones winners was Bank of America, up by 2.14% after reporting a quarterly profit of $4.1bn.
Other winners included Eli Lilly, Newmont Mining, Peabody Energy and Delta Airlines.Other winners included Eli Lilly, Newmont Mining, Peabody Energy and Delta Airlines.
Among the losers was JP Morgan Chase, behind by 2.07% after profit missed analyst expectations. Among the losers was JP Morgan Chase, behind by 2.5% after profit missed analyst expectations.
Wells Fargo also fell 1.9% after reporting results. Wells Fargo also fell 0.69% after reporting results.