Weak results from CSX, Citi drag US stocks mostly lower; Best Buy plunges on sales decline

The Associated Press 0

NEW YORK, N.Y. – Stocks are ending mostly lower after several companies turned in disappointing earnings news, including Best Buy, Citigroup and the railroad operator CSX.

The Dow Jones industrial average fell 64 points, or 0.4 per cent, to 16,417 Thursday.

The Standard & Poor’s 500 index fell two points, or 0.1 per cent, to 1,845. The Nasdaq composite edged up almost four points, or 0.1 per cent, to 4,218.

Best Buy plunged 29 per cent after the electronics retailer reported disappointing holiday sales, raising questions about whether it can turn its fortunes around.

A weak earnings forecast from CSX late Wednesday dragged that stock and other railroads lower. CSX dropped 7 per cent.

Nu Skin, a skin care and nutritional products company, plunged 39 per cent after Chinese state media reported that authorities there were investigating its business practices.

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