Stocks End Lower; Dow Erases Previous Day's Sharp Gains

U.S. stocks ended lower on Wednesday, weighed by sharp losses in retail shares and a steep drop in entertainment giant Walt Disney Co. after disappointing quarterly results. The Dow Jones Industrial Average ended 217 points, or 1.2%, lower at 17,711, led by Walt Disney Company's 4% selloff and a 3.7% drop in Nike Inc. . The S&P 500 dropped 20 points, or 1%, to 2,064, with nine of the 10 main sectors closing lower. The S&P 500's consumer-discretionary sector led the losses, declining 2%, led by double-digit losses from retailers like Staples Inc. , Macy's Inc. and Michael Kors Holdings Ltd. . Meanwhile, the Nasdaq Composite ended down 49 points, or 1%, at 4,760.