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The Boston Globe

Business

Stocks decline on Wall Street; Macy’s drops

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Stocks fell as Macy’s poor profit report and lower yearly forecast cast doubt on the health of consumer spending, triggering declines for other department store stocks. An early summer rally has fizzled, with August shaping up to be lackluster. Major indexes have drifted lower in the past week after hitting record highs at the start of the month. Wednesday’s sell-off was broad. Technology was the only S&P 500 sector that rose. Apple rose above $500 for the first time since January, climbing as high as $504 before closing up 1.8% at $498.50. Carl Icahn has taken a large stake in the company and called for bold moves to lift its stock price.

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