TIME Economy

Dow Falls 1% Just Days After Record Peak

Analysts blame poor earnings from retailers and glum economic reports

The Dow Jones Industrial Average closed down on Thursday, marking the index’s second slump since last week’s record peaks and the worst day since early April.

The Dow suffered a steep fall on Thursday, dropping 1%, or 167.16 points, to end the day at 16446.81. S&P 500 had a similar fate, falling 17.68 points, or 0.94% to close at 1870.85. Lackluster earnings reports from retailers Wal-Mart and Kohl’s helped bring the Dow down, CNBC reports, as did disappointing outlooks from homebuilders, a decline in industrial production and higher consumer prices in April.

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