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Overnight Markets: Wall Street declines as small-cap selloff resumes

by Himanshu Singh on May 15, 2014 at 04:31

Overnight Markets: Wall Street declines as small-cap selloff resumes

Wall Street declined on Wednesday, with the Dow Jones and S&P 500 retreating from recent record highs, as investors resumed selling in small-cap and Internet shares.

The Dow Jones industrial average fell 101 points, or 0.61%, to 16,614, the S&P 500 lost nine points, or 0.47%, to 1,889, and the Nasdaq Composite dropped 30 points, or 0.72%, to 4,101.

Economic data yesterday showed wholesale prices in the US increased in April by the most in more than a year, reflecting broad-based gains that signal the threat of deflation is ebbing as the economy improves.

Investors have also been watching developments in Ukraine, where rebels on Tuesday killed seven government soldiers and wounded eight others during an ambush in a breakaway eastern region.

In corporate news, Groupon Inc. plunged 4.4% to lead the Dow Jones Internet Index lower by 1.2%. Fossil Group Inc. declined 10% after the maker of watches and accessories forecast earnings that trailed analysts’ estimates.

Deere & Co. (DE) slid 2% after cutting its full-year revenue projection. International Business Machines Corp. lost 1.8% to pace declines among large companies.

Macy's (M.N) shares dipped 0.2% after the department store operator reported sales that missed expectations.

In late afternoon trading, Wal-Mart (WMT.N) shares fell sharply in an instant as volume spiked in an out-of-the-ordinary mini "flash crash," data showed. The stock ended down 0.5%.

Shares of online retailer Zulily Inc (ZU.O) shot up 9.3% in heavy volume of more than 9.7 million shares, after dropping to a record low earlier in the day following the expiration of the lockup period after its initial public offering in November.

In Asia, shares declined on Thursday in late morning trade as a stronger yen weighed on Japanese shares and after US equity gauges dropped from records.

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