Dow Jones Drops 267 Points; Family Dollar Closing 370 Stores
After a solid recovery yesterday, the stocks plummeted today. The Dow Jones dropped more than 250 points and Nasdaq closed down 3.1%. Investors believe that the Nasdaq selloff should be a cause for concern in the near future. Citing falling sales and poor winter weather, Family Dollar (FDO) announced plans to cut jobs, close approximately 370 stores, and cut prices on 1,000 items. The retail chain hopes to save money after their second quarter results did not meet expectations. In response to the backlash from the massive recall, General Motors' (GM) CEO has put two engineers on leave who may have a connection to the faulty ignition switches.GM's CEO has also asked help from NASA to ensure that the recalled cars can be driven safely.
Word on the Street
- Is Blackberry (BBRY) going to stop making phones?
- The GOP budget is passed in the House.
- Family Dollar (FDO) will be closing 370 stores.
- Should you get rid of annual performance reviews like Adobe (ADBE)?
- Amazon (AMZN) pays employees $5,000 to quit.
- Judge approves SAC Capital's $1.8 billion settlement.
- Tesla (TSLA) to begin sales in China.
Published on Apr 10, 2014By InvestorGuide Staff