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US stocks fall on weak retail earnings

Published on May 21, 2014 6:19 AM

NEW YORK (AFP) - Wall Street stocks on Tuesday slumped on a batch of mostly-disappointing retail earnings and after a US Federal Reserve official endorsed a speedier rise in benchmark interest rates than some expect.

The Dow Jones Industrial Average dropped 137.55 (0.83 per cent) to 16,374.55.

The broad-based S&P 500 fell 12.25 (0.65 per cent) to 1,872.83, while the tech-rich Nasdaq Composite Index lost 28.92 (0.70 per cent) at 4,096.89.

The losses followed a barrage of earnings reports from retailers, most of which disappointed. Among the companies to fall especially far were Dick’s Sporting Goods (-18.0 per cent) and Urban Outfitters (-8.8 per cent).

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