 "Wall Street")
The Nasdaq and the S&P 500 dropped 3% on Wednesday as a rally in growth shares faded amid economic growth concerns, while Target plunged to the bottom of the S&P 500 after the retailer became the latest victim of surging prices.
Target Corp's first-quarter profit halved and the company warned of a bigger margin hit on rising fuel and freight costs. Its shares fell 25.2% and were tracking their worst day since the Black Monday crash on Oct. 19, 1987.
The retailer's results come a day after rival Walmart Inc trimmed its profit forecast. The SPDR S&P Retail ETF declined 8.2%. Read
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