BUSINESS

Stocks slide on Wall Street; IBM drops after Credit Suisse rating cut

08/06/2013 04:21 EDT | Updated 10/06/2013 05:12 EDT
NEW YORK, N.Y. - U.S. stocks are closing lower after retailers disappointed the market with weaker profit forecasts.

Investors also worried that the Federal Reserve may be close to reducing its economic stimulus.

The Dow fell 93 points, or 0.6 per cent, to close at 15,518 points Tuesday.

The Standard & Poor's 500 index fell nine points, or 0.6 per cent, to 1,697.

The Nasdaq composite index fell 27 points, or 0.7 per cent, to 3,665.

American Eagle slid 12 per cent to $17.57 after the teen retailer slashed its earnings forecast, blaming weak sales.

CVS Caremark fell 3 per cent to $59.89 after cutting the top end of its 2013 earnings forecast.

Three stocks fell for every one that rose on the New York Stock Exchange. Volume was below average at 3.1 billion shares.