The Dow Jones Industrial Average went down 1.01 percent, to 24,964.75, while the S&P 500 slumped by 0.58 percent to 2,716.26. The NASDAQ Composite remained relatively stable and lost only 0.07 percent closing 7,234.31. The rise in Amazon's share helped the index preserve its strength.
Walmart (WMT.N), which is the world’s biggest traditional retailer, has posted a profit that dropped lower than expected and reported a massive drop in online sales growth during the holiday period. As a result, the retailer's shares dropped 10.2 percent recording the biggest percentage fall since January 1988.
The report pulled other grocery retailers lower, with Target and Kroger shedding 3 and 4.2 percent respectively. The S&P consumer staples index declined by 2.25 percent and is down close to 5 percent for the year. In contrast, the shares of the online retailer Amazon went up by 1.4 percent.
The dollar kept string against a basket of currencies on Wednesday, after its recovery from three-year lows last week. The dollar index =USD went up 1.6 percent at 89.686, from Friday’s three-year low of 88.251.
The greenback stood at 0.1 percent against the Yen at 107.41 yen JPY=, after bouncing from a 15-month low of 105.545 yen set on Friday. The euro stood steady at $1.2340 EUR=, after having stepped back from its three-year high of $1.2556 set on Friday.