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Stocks slump on Wall Street; Macy's drops

Aug. 15, 2013 @ 07:03 AM

Stocks slump on Wall Street; Macy's drops

NEW YORK -- The stock market fell on Wednesday as a poor earnings report from Macy's cast doubt on the outlook for consumer spending, a vital component of the U.S. economy.

Other department store stocks also fell after Macy's reported disappointing earnings for the second quarter and cut its forecast for the year.

The stock market's early summer rally has fizzled out after a strong July, and August is shaping up to be a lackluster month as many traders and investors take their summer breaks. The major indexes have drifted lower in the past week after climbing to all-time highs at the start of the month.

The S&P index closed down 8.77 points, or 0.5 percent, to 1,685.39 The index has declined in six of the last eight trading days and is flat for the month. In July it jumped 5 percent.

The sell-off was broad. Technology was the only one of the 10 industry sectors that rose in the S&P 500.

The Dow Jones industrial average was down 113.35 points, or 0.7 percent, at 15,337.66, the biggest drop in six weeks. Twenty-two of the stocks in the 30-member index declined.

The Nasdaq composite fell 15.17 points, or 0.5 percent, to 3,669.27.

W.Va. unemployment rate rises during July

CHARLESTON -- West Virginia's seasonally adjusted unemployment rate rose two-tenths of a percentage point to 6.2 percent in July.

WorkForce West Virginia says the number of unemployed residents rose by 700 to 49,000.

Most of the employment gains occurred in government, educational and health service, and leisure and hospitality. Job losses were reported in mining and logging, construction and financial activities.

Through July, total unemployment is down 12,000.

WorkForce West Virginia says the state's seasonally unadjusted unemployment rate fell one-tenth of a percentage point to 6.2 percent in July.

The national unemployment rate declined two-tenths of a percentage point to 7.4 percent in July.

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