News Summary: Wal-Mart spooks stocks

AP News
Posted: Sep 25, 2013 4:55 PM

WAL-MART DROPS: Shares of Wal-Mart fell after Bloomberg News reported that world's largest retailer is cutting orders with suppliers as unsold merchandise piles up. A Wal-Mart spokesman said the Bloomberg story was misleading, saying "this is business as usual."

FIVE-DAY FALL: Stocks fell for a fifth straight day Wednesday. The Dow Jones industrial average lost 60 points to 15,273.26, the Standard & Poor's 500 lost five points to 1,692.77 and the Nasdaq Composite fell seven points to 3,761.10. It is the S&P 500's longest losing streak this year.

JC PENNEY ON CLEARANCE: JC Penney fell $1.62, or 14 percent, to $10.28, as more Wall Street analysts continued to downgrade the department store chain's outlook. An analyst at JPMorgan Chase said JC Penney might run out of cash next year.

Are We the Next Europe?