Wall St down sharply on weak results from Cisco, Wal-Mart
NEW YORK (REUTERS) - United States (US) stocks were on track to post their biggest decline since late June on Thursday due to disappointing results and outlooks from Dow components Wal-Mart and Cisco.
Consumer and technology stocks were among the biggest decliners after Wal-Mart Stores' shares fell on a surprise decline in quarterly same-store sales and Cisco Systems shares dropped one day after the network equipment maker announced it was cutting 4,000 jobs.
"Yes, we are down significantly but this is not a panic sell-off considering how much we have rallied so far this year.
People are more realistic," said Mr J.J. Kinahan, chief strategist at TD Ameritrade in Chicago. He added that although the CBOE Volatility Index, a gauge of investor anxiety, rose 11 per cent, the measure was still below 15.