cloudy
Tuesday May 26th, 2015 9:41AM

Stocks mostly lower for a second day; retail sinks

By The Associated Press
NEW YORK (AP) -- Disappointing news from retailers helped nudge the stock market mostly lower Thursday afternoon.

KEEPING SCORE: The Dow Jones industrial average fell six points, or less than 0.1 percent, to 16,455 as of 3:35 p.m. Eastern time. The Dow fell as much as 84 points earlier in the day. The S&P 500 was up a point, or 0.1 percent, to 1,839 and the Nasdaq composite lost nine points, or 0.2 percent, to 4,157.

MACY'S CUTS: Macy's rose $4.28, or 8 percent, to $56.13 after the department store chain late Wednesday said it would eliminate 2,500 jobs as part of a reorganization that aims to save $100 million a year. The company also forecast a 2014 profit that was above Wall Street's forecasts.

TROUBLE IN RETAIL: Bed Bath & Beyond plunged $9.90, or 12 percent, to $69.79 and Family Dollar fell $1.55, or 2 percent, to $64.79 after cutting their earnings forecasts following a disappointing holiday season. Bed Bath & Beyond fell the most in the S&P 500 index, and Family Dollar was among the top 10 decliners.

WHERE'S THE SPENDING? "The consumers are supposed to be the fuel of this economy, and it doesn't appear to be happening," said Ian Winer, director of trading for Wedbush Securities. "If they're not spending money at the retailers, what's going on?"

THE ECONOMY: The number of Americans seeking unemployment benefits fell by 15,000 last week to 330,000. The drop was slightly bigger than economists predicted, according to FactSet. The claims report sets the stage for the government jobs report for December. Economists expect employers added 196,000 jobs last month.

FORD DIVIDEND: Ford rose 35 cents, or 2 percent, to $15.89 after the company announced it was increasing its quarterly dividend to 12.5 cents per share, up from 10 cents per share. The increase comes a day after the stock gained 1 percent on news that Ford's widely respected CEO, Alan Mulally, would not leave to run Microsoft.

EARNINGS SEASON: Thursday marks the beginning of third-quarter earnings releases for U.S. companies. Alcoa, an aluminum maker and former Dow component, will report its earnings after the closing bell. Alcoa was already in the news earlier Thursday, falling 19 cents, or 2 percent, to $10.65 on word that an Alcoa subsidiary will plead guilty and pay $384 million for paying bribes to the Middle Eastern Kingdom of Bahrain.
© Copyright 2015 AccessNorthGa.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Judge denies motions to move, delay Tsarnaev trial
Lawyers for Boston Marathon bombing suspect Dzhokhar Tsarnaev asked a federal appeals court Wednesday to overturn a judge's decision to not move his upcoming trial out of state.
10:02PM ( 4 months ago )
High court to adopt electronic filing of cases
The Supreme Court is belatedly developing an electronic filing system similar to those used in courts around the country, Chief Justice John Roberts said Wednesday in his annual end-of-year report.
7:57PM ( 4 months ago )
Storm brings snow, cold to West for New Year's
A blustery winter storm dumped snow and ice across the West on Wednesday, making driving treacherous in the mountains from California to the Rockies and forcing residents and party-goers in some usually sun-soaked cities to bundle up for a frosty New Year's.
5:19PM ( 4 months ago )
U.S. News
State DOT awards $48M contract for NE Ga. road project
The state Department of Transportation has awarded a $47.8 million contract for nine miles of work on a northeast Georgia road.
9:37AM ( 4 months ago )
Business News
Grass fire impacts rush hour traffic on 985
Rush hour traffic on I-985 was slowed by a grass fire Wednesay afternoon with one lane closed while firefighters fought the blaze.
10:19PM ( 4 months ago )
Hall County conviction, sentencing to be reviewed by SCOGA
The State Supreme Court has agreed to hear the appeal of a Hall County man when they reconvene in January.
2:37PM ( 4 months ago )
Maysville man dies from Banks County wreck
The Georgia State Patrol reports that alcohol and/or drugs were factors a single-vehicle wreck that claimed the life of a Maysville man in Banks County Tuesday night.
11:07AM ( 4 months ago )
Local/State News
US rejects nuclear disarmament document over Israel concerns
UNITED NATIONS (AP) — The United States on Friday blocked a global document aimed at ridding the world of nuclear weapons, saying Egypt and other states tried to "cynically manipulate" the process by...
9:33PM ( 3 days ago )
Obama again avoids calling 1915 Armenian killings 'genocide'
WASHINGTON (AP) — President Barack Obama will once again stop short of calling the 1915 massacre of Armenians a genocide, prompting anger and disappointment from those who have been pushing him to ful...
1:00PM ( 1 month ago )
Ex-NFL star Hernandez convicted of murder, sentenced to life
FALL RIVER, Mass. (AP) — Former New England Patriots star Aaron Hernandez was convicted of first-degree murder and sentenced to life in prison Wednesday for a deadly late-night shooting, sealing the d...
8:54PM ( 1 month ago )
Clinton kicks off 2016 campaign online, heads next to Iowa
WASHINGTON (AP) — Hillary Rodham Clinton jumped back into presidential politics on Sunday, making a much-awaited announcement she will again seek the White House with a promise to serve as the "champi...
7:56PM ( 1 month ago )
Hall, White, Jefferson schools recognized nationally for use of technology
Three school districts in northeast Georgia - Hall, White, and Jefferson - have received national recognition for their use use of innovative technologies. They earned top spots in the Center for Digital Education's and the National School Boards Association's 10th annual Digital School Districts Survey.
By Staff
1:00PM ( 1 month ago )