Wall St slides as growth stocks rally wanes; Target slumps

Published by
Reuters

By Amruta Khandekar and Devik Jain (Reuters) – U.S. stock indexes fell on Wednesday as a rally in growth shares faded and Target slumped after the retailer became the latest victim of surging prices. Shares of Target Corp fell 25.1% to the bottom of the S&P 500 after its first-quarter profit halved and the company warned of a bigger margin hit on rising fuel and freight costs. Shares of other retailers such as Walmart Inc, Gap Inc, Kohl’s Corp, Nordstrom Inc, Costco, Best Buy, Macy’s Inc and Dollar General Corp dropped between 4.1% and 11.8%. All of the 11 major S&P sectors declined in morning…

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