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Stocks slip in early trade; American Eagle drops

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August 6, 2013 09:46 AM EST | AP


NEW YORK — Stocks are slipping in early trading on Wall Street despite some positive news on the economy.

The Dow Jones industrial average fell 70 points, or 0.4 percent, to 15,542 after the first few minutes of trading Tuesday.

The Standard & Poor's 500 index fell three points, or 0.2 percent, to 1,704. The Nasdaq composite fell five points, or 0.2 percent, to 3,687.

Stocks fell even after the U.S. reported record exports in June and new data was released showing that home prices are rising sharply.

The Washington Post rose 6 percent to $600 after the company announced late Monday that it would sell its namesake newspaper to Amazon founder Jeff Bezos.

American Eagle slid 15 percent to $16.89 after the teen retailer slashed its earnings forecast, blaming weak sales.