NEW YORK (AP) — The stock market is opening lower after more disappointing news from blue-chip companies.

In early trading Thursday, Wal-Mart's stock fell sharply after the company reported lower revenue at comparable stores and cut its profit outlook for 2013.

The Dow Jones industrial average fell 160 points, or 1 percent, to 15,177. The Standard & Poor's 500 index lost 16 points, or 1 percent, to 1,669. The Nasdaq fell 45 points, or 1.3 percent, to 3,623.

Wal-Mart's stock fell $1.82, or 2.4 percent, to $74.57. The company's weak results follow Macy's, which on Wednesday cut its outlook for the year.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.