Salesforce Slide Hits Dow As US Stocks Open Lower
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Wall Street stocks declined early Thursday following a downgrade to first-quarter US economic growth and disappointing Salesforce results that weighed on the Dow.
The world’s biggest economy expanded at an annual rate of 1.3 percent in the January to March period, the Commerce Department said, below the 1.6 percent figure published last month.
US…
Wall Street stocks declined early Thursday following a downgrade to first-quarter US economic growth and disappointing Salesforce results that weighed on the Dow.
The world’s biggest economy expanded at an annual rate of 1.3 percent in the January to March period, the Commerce Department said, below the 1.6 percent figure published last month.
US Treasury bond yields, which are closely watched as a proxy for interest rates, retreated with the revised growth data, which was expected.
About 25 minutes into trading, the Dow Jones Industrial Average was down 0.9 percent at 38,085.00.
The broad-based S&P 500 declined 0.3 percent to 5,253.55, while the tech-rich Nasdaq Composite Index shed 0.2 percent to 16,882.81.
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Among individual companies, Dow member Salesforce slumped about 19 percent as the technology company published mixed results and lowered some of its full-year projections.
Of the other companies reporting results, Best Buy jumped 11.7 percent while Kohl’s plunged 25.3 percent.
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