U.S. stocks fell sharply Wednesday as weak earnings reports from Walt Disney, Macy’s and Fossil reverberated across the consumer sector.
The Dow Jones Industrial Average closed the day down 217 points, or 1.2 percent, at 17,711, erasing most of Tuesday’s 222-point rally. The broader S&P 500 stock index was down 20 points, or 1 percent, at 2,064, while the Nasdaq composite slid 49 points, or 1 percent, to 4,761.
Disney shares were down 4 percent at $102 after the company posted a rare earnings miss. The stock was the biggest drag on the Dow.
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