Wal-Mart woes hit Dow Jones average

The Dow Jones industrial average has had its worst day in five weeks following lower earnings from Wal-Mart and mixed news about the economy.

Lower earnings from Wal-Mart hit the US stock exchange
Lower earnings from Wal-Mart hit the US stock exchange

The Dow fell 167 points, or 1%t, to close at 16,446. It fell as much as 216 points earlier.

The Standard & Poor's 500 index slid 17 points, or 1%, to 1,870. The Nasdaq dropped 31 points, or 0.8%, to 4,069.

Wal-Mart Stores fell 1.91 dollars, or 2.4%, to 76.83 dollars after it reported lower quarterly earnings.

The yield on the 10-year Treasury note fell to 2.49%, from 2.54% late yesterday.

Factory output took a breather in April after two months of strong growth. However, the number of people who filed for unemployment benefits fell to its lowest in seven years last week.