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Market Wrap for Wednesday, May 22: Stocks Pullback As Bernanke Says Bond Buying Could Slow

In Congressional testimony on Wednesday, Federal Reserve Chairman Ben Bernanke said that the central bank could begin winding down its $85 billion-per-month bond-buying program at one of its "next few meetings."Minutes from the May FOMC meeting, however, showed that there is no consensus about when to begin pulling back on the stimulus. The decision will likely be significantly influenced by the trajectory of the economy in coming months.The comments spooked investors who have been enjoying a near continuous rally in in U.S. stocks in 2013. The major averages fell throughout much of the session and closed near their worst levels.Major AveragesThe Dow Jones Industrial Average lost 80 points, or 0.52 percent, to 15,307.The S&P 500 fell 14 points, or 0.83 percent, to 1,655.The Nasdaq shed almost 39 points, or 1.11 percent, to 3,463.Existing Home SalesHome sales improved slightly in April, rising to 4.97 million from 4.94 million in March. Nevertheless, this came in below consensus expecta...

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  1. Thanksgiving drew more shoppers than Black Friday: Reuters/Ipsos

    Opening their doors and offering sales on Thanksgiving did more than give retailers an early start to the holiday shopping season - the holiday actually may have dra...

  2. Zale Slumps On Loss; Skechers Jumps On Upgrade

    Jewelry retailer Zale Corp. slumped 26% to $5.52 on Wednesday after the company's fiscal first-quarter loss was bigger than Wall Street expected. Best Buy Co. shares...

  3. LyondellBasell Industries, BP Prudhoe Bay Royalty Included in Stocks Up on High Volume Thursday

    These are the stocks that are up on above-average volume today:Today, LyondellBasell Industries (NYSE:LYB) is up on high volume, trading at a volume of 7.6 million, ...

  4. Powered By 7.7% Leap in Sales, Zale Cuts 4Q Loss

    Zale (NYSE:ZLC) trimmed its fiscal fourth-quarter loss on Wednesday much more than Wall Street had anticipated thanks to soaring same-store sales, prompting the jewe...

  5. Tiffany Profit Rises 2%, Cuts Outlook

    Tiffany & Co.'s (TIF) fiscal second-quarter earnings edged up 2%, as the New-York based seller of diamond rings and other high-end jewelry continued to struggle with...

  6. US EQUITIES WEEK AHEAD: Luxury Retail Earnings; August Same-Store Sales

    In a light week ahead for corporate earnings, reports from jewelers Tiffany & Co. (TIF) and Zale Corp. (ZLC) and watchmaker Movado Group Inc. (MOV) will shed light o...

  7. RadioShack Slumps To An All-time Low; Zale Jumps

    Electronics retailer RadioShack Corp. shares slumped 27% to an all-time low Wednesday after the company reported a surprise second-quarter loss and said it would sus...

  8. Zale's 3Q Loss Narrows on Demand for Fine Jewelery

    Zale's (NYSE:ZLC) narrowed its third-quarter loss on Wednesday and reported higher U.S. sales of fine jewelry, led by strong demand leading up to Mother's Day.Revenu...

  9. Golfsmith Names Sue Gove President

    Golfsmith International Holdings (NASDAQ:GOLF) said Friday that Sue E. Gove has been promoted to president, in addition to continuing her role as chief operating off...

  10. Tiffany Cuts View After Tepid Holiday Sales

    Tiffany (NYSE:TIF) warned on Tuesday its sales weakened markedly during the crucial holiday-shopping season due to “restrained spending by consumers,” leading the up...

  11. Zale Posts $32mln Quarterly Loss; Shares Gain

    Zale shares rose 9% to $3.89 in late trades Monday after the jewelry retailer reported results for the quarter ended Oct. 31. Zale narrowed its fiscal first quarter ...

  12. Taking Identity Theft to a New Level

    It's an embarrassment of riches, in this week's look at unusual credit card crimes . I mean, should we lead off with the credit card employee who helped steal someon...

  1. Zale Taps Rival CEO as Chairman, Shares Soar 30%

    Shares of jewelry maker Zale (NYSE:ZLC) soared 30% Wednesday after the luxury jeweler swung to a third-quarter profit and said the former CEO of its biggest rival, S...

  2. U.S. HOT STOCK FUTURES: HOT STOCKS TO WATCH:

    Among the companies with shares expected to actively trade in Wednesday's session are Saks Inc. (SKS), Zale Corp. (ZLC) and Multiband Corp. (MBND).Luxury retailer Sa...

  3. Zales Same-Store Sales Rise 2% During Holidays

    FBN’s Stuart Varney on Zales ’ rise in same-store sales.

  4. Tiffany, Aeropostale, Ascena Drop On Holiday Sales

    Tiffany & Co. , Dress Barn parent Ascena Retail Group Inc. and teen clothing retailer Aeropsotale Inc. slumped on Thursday after they gave disappointing profit outlo...

  5. Tiffany Reveals Tepid Holiday Sales, FY Outlook

    Tiffany (NYSE:TIF) spooked shareholders on Thursday by saying its same-store sales flatlined during the holiday-shopping season, prompting the jewelry company to iss...

  6. Zale Same-store Sales Up 2.3% Over The Holidays

    Zale Corp. said Thursday its same-store sales for the combined months of November and December increased by 2.3%. At constant exchange rates, same-store sales increa...

  7. More shoppers on Thanksgiving vs Friday: Reuters/Ipsos

    Opening their doors and offering sales on Thanksgiving did more than give retailers an early start to the holiday shopping season - the holiday actually may have dra...

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