Dow Heads for Longest Losing Streak Since August

Shares of department store Macy's(M) slid nearly 4% after the company reiterated earnings guidance of $3.25 to $3.30 a share for fiscal 2012, below Wall Street expectations for $3.41 a share.

In economic news, the Commerce Department reported Wednesday wholesale inventories expanded 0.3% in March, below expectations for a rise of 0.6%, and a comedown after a gain of 0.9% in the prior month.

In commodity markets, the June crude oil contract slipped 22 cents to settle at $96.81 a barrel. June gold futures shed $10.3 to settle at $1,594.20 an ounce, levels unseen since December 2011.

--Written by Andrea Tse and Shanthi Bharatwaj in New York.

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