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Sunday, January 24, 2021

Weakness in retailers and energy companies pull stocks lower

NEW YORK (AP) — Stocks are closing lower, dragged down by weakness in retailers and energy companies.

Macy’s plunged 14 percent Wednesday after reporting disappointing results and cutting its profit forecast. Other retailers also fell as investors worried that sales could be slow in the upcoming holiday shopping season.

Oil and gas stocks fell as the price of crude sank. Benchmark U.S. oil sank 3 percent to close just under $43 a barrel.

Several global beer makers rose after AB InBev, which makes Budweiser, said it had finalized the terms of a takeover of SABMiller.

The Dow Jones industrial average fell 56 points, or 0.3 percent, to 17,702.

The Standard & Poor’s 500 index lost six points, or 0.3 percent, to 2,075. The Nasdaq composite declined 16 points, or 0.3 percent, to 5,067.

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