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Stocks drop on Wal-Mart earnings, mixed econ news

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FILE - In this May 11, 2007 file photo, a Wall Street sign is seen at an entrance to the New York Stock Exchange. Global stock markets were mostly lower Thursday May 15, 2014 ahead of quarterly European growth figures that investors hope will show a strengthening economic recovery.  (AP Photo/Richard Drew, file)

FILE – In this May 11, 2007 file photo, a Wall Street sign is seen at an entrance to the New York Stock Exchange. Global stock markets were mostly lower Thursday May 15, 2014 ahead of quarterly European growth figures that investors hope will show a strengthening economic recovery. (AP Photo/Richard Drew, file)

NEW YORK — 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.

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

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

Wal-Mart Stores fell $1.91, or 2.4 percent, to $76.83. It reported lower quarterly earnings.

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

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.

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