Stocks closed in negative territory amid lackluster profits reports from Walmart (NYSE:WMT) and Target (NYSE:TGT), a jump in weekly jobless claims and the looming fiscal cliff.
Also announcing disappointing results was Ross Stores (NASDAQ:ROST) and Limited Brands (LTD).
Shares of Procter & Gamble (NYSE:PG) were down fractionally after the company announced it will continue to cut jobs. The household products giant said it will eliminate more non-manufacturing jobs through 2016, in addition to the 10% reduction it already announced.
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