Weak results from CSX, Best Buy drag stocks lower

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Associated Press

Posted on January 16, 2014 at 10:01 AM

Updated Thursday, Jan 16 at 10:02 AM

NEW YORK (AP) — Retailers and railroads are among the biggest decliners in midday trading as investors react to disappointing earnings from Best Buy and a poor outlook from CSX.

The Dow Jones industrial average fell 69 points, or 0.4 percent, to 16,413 as of noon Eastern time Thursday.

The Standard & Poor's 500 was down four points, or 0.3 percent, at 1,843, slightly below its record high close the day before.

The Nasdaq composite was down a point at 4,213.

Best Buy plunged 28 percent after a decline in holiday sales disappointed investors who were expecting growth.

A weak earnings forecast from railroad operator CSX late Wednesday dragged that stock and other railroads lower. CSX dropped 7 percent.

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