NEW YORK (AP) - Investors retreated from stocks Thursday, leading the Dow Jones industrial average to its worst day in five weeks, after disappointing earnings from Wal-Mart and mixed news about the global economy.
Financial markets reflected broader investor jitters: government bonds rose, small-company stocks continued to plunge, and safe, slower-growth industries fared the best.
The latest economic data from the United States was mixed: Factory output fell. But fewer people sought unemployment benefits, evidence that solid hiring should continue. The news was more disappointing in Europe, where the economy of the 18 countries that share the euro saw output rise just 0.2 percent in the first quarter.
The Dow lost 167.16 points, or 1 percent, to 16,446.81. The Standard & Poor's 500 index fell 17.68 points, or 0.9 percent, to 1,870.85 and the Nasdaq composite fell 31.33 points, or 0.8 percent, to 4,069.29.
The Dow was dragged down by Wal-Mart, which fell $1.91, or 2.4 percent, to $76.83. The company reported lower earnings for its most recent quarter and warned that the current one was not expected to be much better.