Sharp drop in retailers helps pull Wall Street indexes lower

Wall Street
Wall Street(Source: Public Domain Pictures via MGN)
Published: May. 18, 2022 at 1:18 PM CDT
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NEW YORK (AP) - Dow sinks 1,000 points, or 3.2%, as dismal results from Target renew fears that inflation is battering companies.

Stocks fell sharply in afternoon trading on Wall Street Wednesday, led by led by steep drops in retailers as Target plunged after issuing a grim quarterly earnings report. The S&P 500 fell 1.6%, the Dow Jones Industrial Average fell 1.4% and the Nasdaq fell 1.6%.

Target lost a quarter of its value after saying its results were hit by higher costs, dragging other store operators down with it. Dollar Tree, Dollar General and Best Buy all fell sharply.

Technology stocks also fell broadly and weighed on the market. Bond yields fell. The yield on the 10-year Treasury slipped to 2.92%.