Stocks sank into the red on Thursday as disappointing holiday sales tanked retail names. On the frontlines, Macy's (M) slumped after citing declining traffic at its top stores, and Kohl's (KSS) tumbled after reducing its full-year outlook.
Sears (SHLD) was one of the few retailers in the green. Its shares jumped after Stanley Black & Decker (SWK) announced it would acquire Sears' Craftsman tool brand. The deal is worth a total $900 million.
Crude oil gave back the morning's gains as a weekly read on inventories showed a major spike in gasoline and distillates stocks. On the plus side, U.S. crude inventories did see a major drawdown.