Best Buy, Financials Knock Wall Street off New High
Stocks dipped modestly through late morning from yesterday’s new highs in the wake of a big drop in shares of retailer Best Buy (NYSE: BBY), which plunged 27 percent to $27.43 after the No. 1 consumer electronics chain reported weak holiday sales and forecast a bigger-than-expected decline in quarterly operating margins. Financials stocks also weighed on the Dow and S&P indexes. Goldman Sachs (GS) shed 1.5 percent to $176 as the biggest drag on the Dow, while Citigroup Inc (NYSE: C) dropped 3.3 percent to $53.20, hurting the S&P 500. The S&P financial index lost 0.5 percent, the worst performer among the 10 major S&P sectors. After a tepid start to 2014 on concerns stock valuations may be too high after a 29.6-percent rally in the S&P 500 last year, the index rose 1.6 percent in the previous two sessions.