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Wall Street shares see red after yesterday's highs

Published: 10:21 14 May 2014 EDT

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Wall Street shares were seeing red Wednesday after the record highs of Tuesday.

The Dow and S&P closed with record highs yesterday, with the S&P500 briefly rising above 1,900 for the first time ever, briefly, as traders shrugged off economic worries from China and the increasing tension gathering in Ukraine.

Today's the mood was more sombre, as indeed it was back in Blighty, with Footsie also easing back.

The benchmark Dow stands down 53 to 16,662 at the time of writing, while Nasdaq is down 12 at 4,118. The S&P500 is down four at 1,892.

In economic news, investors are mulling over US wholesale costs, which  are accelerating after a period of low inflatrion.

The producer price index jumped a seasonally adjusted 0.6% last month - which was more than some analysts had expected.

On S&P, the biggest gainer was Iron Mountain, up 4.2%  going to a four month high after it got a repeated 'overweight' rating on the shares from equities researchers Piper Jaffray.

Macy's said first quarter net income rose 3% from a year ago as the retailer lowered its cost of sales.

Its net income totaled $224 million, up from $217 million a year ago. Earnings per share of 60 cents beat analysts' estimates of 59 cents.

Retailer Macy's shares were also boosted as it was the first of the majors in the sector, to post first quarter numbers.

It revealed net income had risen 3% from a year ago on lower cost of sales and EPS beat analysts' estimates.

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