Stocks decline on Wall Street; Macy's drops

August 14, 2013 - 12:36 PM
Wall Street Premarket

In this Tuesday, Aug. 13, 2013, photo, traders work on the floor of the New York Stock Exchange. Good news from two of Europe's biggest economies failed to shake global stock markets out of their lethargy Wednesday Aug. 14, 2013. (AP Photo/Richard Drew)

NEW YORK (AP) โ€” Stocks are heading lower on Wall Street after Macy's disappointed investors with a weak profit report, casting doubt about how willing shoppers are to spend and support the U.S. economy.

The Dow Jones industrial average fell 75 points, or 0.5 percent, to 15,375 after as of noon Wednesday.

The Standard & Poor's 500 index was down five points, or 0.3 percent, at 1,688. The Nasdaq was down eight points, or 0.21 percent, at 3,675.

Steinway Musical Instruments jumped 8 percent to $41.25 after agreeing to be purchased for $499 million by the investment firm Paulson & Co.

European markets rose after the countries that use the euro posted their first quarter of economic growth since late 2011.

Cisco will report results after the closing bell.