Business Update: Macy's to cut 7,000

February 02, 2009

American department store operator Macy's announced plans to cut 7,000 jobs as part of broader cost-cutting measures ahead of a tough outlook for shoppkeepers. The Dow shed 64 points to 7,936. The S&P 500 dipped 0.44 points to 825. But the Nasdaq rallied 18 points to 1494. Oil prices fell $1.60 to $40.08 a barrel. Conway Gittens reports from New York.