Best Buy, Financials Knock Wall Street off New High

Paul Dykewicz

Best Buy, Financials Knock Wall Street off New High (Reuters)

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 (MYSE: 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.

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Bank of America's year-over-year performance is a little misleading, as the prior year’s Q4 revenue was pretty weak and easy to beat.

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