Wall Street lower as retailers hit

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NYSE tradersImage source, Reuters

Stocks on Wall Street closed lower, with department stores Kohl's and Macy's down sharply after they reported weak holiday sales.

Shares in Kohl's dived 19% and Macy's was down 13% as the two retailers cut their profit forecasts for 2016.

Macy's also announced plans to shed more than 10,000 jobs through shutting stores and cutting middle management positions.

The Dow Jones closed 42 points lower at 19,899.

The S&P 500 index closed less than two points lower at 2,270.

The Nasdaq rose slightly closing up 11 points at 5,487.

Another struggling retailer, Sears, saw its shares rise nearly 6% early in the day after it said it would sell its Craftsman tools business to Stanley Black & Decker for $900m

However, Sears also reported weak holiday trading, with same-store sales in November and December down by 12-13%, and announced plans to close 150 stores.

And Sears shares ended the day only 0.3% higher.