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.