U.S. stocks dip on weak results, data

AFP-JIJI

U.S. stocks Thursday took a pause from a recent winning streak, selling off after a disappointing earnings report from Walmart and some middling economic data.

The Dow Jones industrial average dropped 42.47, or 0.28 percent, to 15,233.22. The broad-based S&P 500 fell 8.31, or 0.50 percent, to 1,650.47, while the Nasdaq Composite Index slipped 6.37, 0.18 percent, to 3,465.24. Both the Dow and the S&P 500 closed at record levels Wednesday.

Thursday’s losses came after retail giant Walmart reported disappointing profits and signaled weaker-than-expected results in the second quarter.

Investors were also unimpressed by a rise in initial jobless claims by 32,000 to 360,000. New building permits soared in April, but housing starts plummeted.

Shares of Cisco rocketed 12.6 percent after it reported a 6.3 percent rise in earnings per share, to 51 cents.