News Summary: Stocks slump, Macy's drops

LESS MAGIC: Department stores Macy's slumped after the company reported disappointing earnings and cut its outlook for the year. Other department stores, such as Nordstrom and Sears also fell.

APPLE'S SHINE: Apple climbed as high as $504, its first trip above $500 since January. Apple has gained since activist investor Carl Icahn said Tuesday that he had acquired a stake in the company.

EUROPEAN DAWN: Investors may start focusing on Europe again. Data showing that the countries using the euro were out of recession gave a jolt to European stocks. That may encourage some investors to shift funds to the region, where markets have lagged the big gains in the U.S. this year.