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Wal-Mart, Washington worries whack stock market

6:05 AM, Sep 26, 2013   |    comments
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NEW YORK (AP) - The bears are in charge of the stock market for the moment.

Stocks closed lower for a fifth straight day yesterday.

The Dow Jones industrial average fell 61 points to 15,273. The blue chip index was dragged down by Wal-Mart after Bloomberg News reported that the world's biggest retailer is cutting orders with suppliers as unsold merchandise piles up.

Wal-Mart spokesman Dave Tovar says the report is misleading and that in some categories, the discounter is ordering more, and in other areas it was ordering less. Tovar notes that it's part of an ongoing process of managing the seasonality of the business based on consumer demand.

The S&P 500 index fell five points to 1,692.77 yesterday. Its five-day losing streak is the longest this year.

The Nasdaq composite lost seven points to 3,761.

Worries about the economy and the growing possibility of a government shutdown also continue to weigh on investors' minds.







Associated Press

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