US stocks slide following weak wage growth, oil price slump

AP News
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Posted: Jan 09, 2015 4:05 PM
US stocks slide following weak wage growth, oil price slump

NEW YORK (AP) — Stocks are ending lower after investors were discouraged by weak U.S. wage growth and another drop in the price of oil.

The loss Friday followed two days of big gains for U.S. stocks.

The Dow Jones industrial average lost 170 points, or 1 percent, to 17,737.

The Standard & Poor's 500 index fell 17 points, or 0.8 percent, to 2,044. The Nasdaq composite lost 32 points, or 0.7 percent, to 4,704.

Retailers also fell. Bed Bath & Beyond slumped 7 percent after its sales missed estimates and Macy's fell 3 percent after saying it would close stores and restructure its marketing operations.

The price of crude fell again. U.S. benchmark oil lost 43 cents to close at $48.36 a barrel in New York.