US close: Dow suffers worst day in five years

Sharp gains in crude prices and disappointing results from Disney and Macy’s pushed US stocks lower on Wednesday, with the Dow industrials posting their worst day in more than five years.

The Dow Jones Industrial Average lost 1.21%, or 217 points, to close at 17,711.12 - its worst performance since February 2011. The S&P 500 lost 0.96% to finish at 2,064.46, while the Nasdaq Composite slipped 1.02% to 4,760.69.

"Stocks are down due to worries about consumer spending, which has been the mainstay of economic growth through this whole expansion," said Edward Jones investment strategist Kate Warne.

Shares in Disney lost 4.04% after the firm reported its first earnings miss in five years, with revenue also below expectations.

Declines in advertising revenue at ESPN and higher-than-anticipated expenses at Shanghai Disney Resort were cited by the company as hampering performance.

Department store chain Macy’s plunged more than 29%, after the company lowered its full-year forecast with quarterly earnings above expectations and revenue below it.

CEO Terry Lundgren noted “continued weakness” in consumer spending in the results release.

Staples and Office Depot called off their planned merger deal, after a judge agreed with the Federal Trade Commission in its bid to block the deal on competition grounds.

Office Depot had its worst day since its IPO in 1988, losing 40.4%, while Staples lost 18.3%.

Oil prices shot up during the session and were still rising after the closing bell. Brent crude was last up 3.99% at $47.71 per barrel, while West Texas Intermediate added 2.83% to $45.96.

Data from the American Petroleum Institute out late on Tuesday showed crude inventories rising 3.45 million barrels in the week to 6 May, much higher than analyst expectations for a 714,000 barrel increase.

S&P 500 - Risers
Electronic Arts Inc. (EA) $73.38 +13.70%
Freeport-McMoRan Inc (FCX) $11.61 +6.91%
Marathon Oil Corp. (MRO) $12.46 +4.36%
Devon Energy Corp. (DVN) $32.54 +3.17%
Newmont Mining Corp. (NEM) $33.88 +2.57%
Baxter International Inc. (BAX) $46.39 +1.96%
Anadarko Petroleum Corp. (APC) $47.92 +1.94%
Activision Blizzard Inc. (ATVI) $37.11 +1.92%
ConocoPhillips (COP) $43.68 +1.89%
National Oilwell Varco Inc. (NOV) $32.36 +1.89%

S&P 500 - Fallers
Staples Inc. (SPLS) $8.46 -18.34%
Macy's Inc. (M) $31.38 -15.17%
Endo International Plc (ENDP) $13.55 -12.69%
PVH Corp. (PVH) $83.15 -7.57%
Nordstrom Inc. (JWN) $45.43 -7.02%
VF Corp. (VFC) $60.67 -6.58%
Vertex Pharmaceuticals Inc. (VRTX) $83.63 -6.12%
Kohls Corp. (KSS) $38.70 -6.02%
Tiffany & Co. (TIF) $66.48 -6.00%
Coach Inc. (COH) $38.18 -5.98%

Dow Jones I.A - Risers
Microsoft Corp. (MSFT) $51.05 +0.06%

Dow Jones I.A - Fallers
Walt Disney Co. (DIS) $102.29 -4.04%
Nike Inc. (NKE) $57.01 -3.70%
Wal-Mart Stores Inc. (WMT) $66.41 -3.46%
Visa Inc. (V) $77.30 -2.40%
Home Depot Inc. (HD) $134.30 -2.33%
Unitedhealth Group Inc. (UNH) $130.69 -2.16%
Pfizer Inc. (PFE) $33.16 -1.89%
McDonald's Corp. (MCD) $129.14 -1.87%
Exxon Mobil Corp. (XOM) $88.81 -1.31%
Boeing Co. (BA) $133.00 -1.28%

Nasdaq 100 - Risers
Electronic Arts Inc. (EA) $73.38 +13.70%
Activision Blizzard Inc. (ATVI) $37.11 +1.92%
Amazon.Com Inc. (AMZN) $713.23 +1.45%
Whole Foods Market Inc. (WFM) $30.53 +0.83%
Charter Communications Inc. (CHTR) $217.22 +0.34%
Nvidia Corp. (NVDA) $36.06 +0.28%
Intuitive Surgical Inc. (ISRG) $627.69 +0.18%
Applied Materials Inc. (AMAT) $20.01 +0.15%
Tesla Motors Inc (TSLA) $208.96 +0.13%
Micron Technology Inc. (MU) $10.10 +0.10%

Nasdaq 100 - Fallers
Endo International Plc (ENDP) $13.55 -12.69%
Vertex Pharmaceuticals Inc. (VRTX) $83.63 -6.12%
Biomarin Pharmaceutical Inc. (BMRN) $82.22 -5.89%
Ross Stores Inc. (ROST) $54.44 -5.42%
Bed Bath & Beyond Inc. (BBBY) $43.61 -4.66%
Alexion Pharmaceuticals Inc. (ALXN) $138.86 -4.55%
Western Digital Corp. (WDC) $36.74 -4.25%
Incyte Corp. (INCY) $70.62 -3.91%
Regeneron Pharmaceuticals Inc. (REGN) $371.86 -3.63%
Dollar Tree Inc (DLTR) $79.03 -3.26%