Stocks sag in early trading on Wall Street

Staff Writer
Columbus CEO

NEW YORK (AP) — Stocks are getting off to a weak start on Wall Street, following overseas markets lower.

The Dow Jones industrial average was down 65 points, or 0.4 percent, to 15,687 in early trading Wednesday.

The Standard & Poor's 500 index was down five points, or 0.3 percent, to 1,762. The Nasdaq composite was down 12 points, or 0.3 percent, to 3,907.

Stocks also fell in Europe and Asia after no bold economic reforms were announced a closely watched meeting of Communist Party leaders in Beijing.

Perry Ellis International slumped after the clothing maker cut its revenue forecast for the third quarter, saying shipments and sales were lower.

Macy's jumped after surprising investors by easily beating Wall Street's profit forecasts.