Wal-Mart whacked the stock market on Wednesday and pushed it down for a fifth straight day. The Dow Jones’ average plummeted by 61 points of 0.4% after the Bloomberg News reported that world’s biggest retailer was cutting back on its orders with suppliers as unsold merchandise piled up.
Wal-Mart Denies the Report
However, Wal-Mart spokesman, Dave Tovar denied these reports and said that ‘it was business as usual’. Tovar mentioned that the report was misleading and added that in some categories the discounter was ordering more while in some other areas it was less.
Meanwhile, happenings in Washington have also spooked the stocks with the S&P 500 index falling by 0.3% and the Nasdaq composite by 0.2%. The White House issues that have caused the stocks to drop are the upcoming Obamacare law implementation and the nation’s debt ceiling. The biggest concern is that should the budget battle turn ugly in the House, it would cause a real damage to the just rebounding economy.