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Weak earnings drag US stocks lower in early trade

Published on NewsOK Modified: January 16, 2014 at 8:47 am •  Published: January 16, 2014
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NEW YORK (AP) — Retailers and railroad operators are among the biggest decliners in early trading on the stock market as investors react to weak earnings reports.

The Dow Jones industrial average was down 62 points, or 0.4 percent, to 16,418 points in the first few minutes of trading Thursday.

The Standard & Poor's 500 was down four points, or 0.3 percent, at 1,843, slightly below the record high close the index reached the day before.

The Nasdaq composite was down 10 points, or 0.3 percent, at 4,204.

Best Buy plunged 29 percent after its holiday sales disappointed investors who were expecting a turnaround at the long-struggling electronics store chain.

A weak earnings report from CSX late Thursday dragged that stock and other railway operators lower in early trading. CSX dropped 7 percent.