Tuesday, May 20, 2014

Stocks fall at the open on weak retail earnings

Stocks fell at the open Tuesday on a batch of weaker than expected retail earnings.

The Dow Jones industrial average was down 0.1% and the Standard & Poor's 500 index dropped 0.1%. The Nasdaq composite index fell 0.1%.

Home Depot reported profit and sales rose but results fell short of Wall Street expectations. But the retailer raised its full-year earnings forecast and shares rose 2.3%.

Other retailers reporting: Dick's Sporting goods fell short and pared its outlook; Staples saw profit plunge 43% and discount retailer TJX had weak sales. Urban Outfitters fell 5% its earnings report late Monday

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In Asia, the benchmark SET index in Bangkok dropped 1.33% to 1,391.82 after the military declared martial law. The move was being described as an attempt to stabilize the country's political situation.

Stocks were mostly higher elsewhere across Asia: Tokyo's Nikkei 225 rose 0.49% to 14,075.25 and Hong Kong's Hang Seng was up 0.57% to 22,834.68.

European markets were mostly lower as Britain's FTSE 100 index was down 0.6%.

Contributing: The Associated Press

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