Dow drops 254, Walmart worst day since 1988

(CNBC) — The Dow Jones industrial average fell sharply on Tuesday, pressured by a steep decline in Walmart shares and a rise in interest rates.

The 30-stock index closed 258 points lower — snapping a six-day winning streak, with shares of Walmart shedding 10.2 percent. The retail giant’s stock posted its biggest decline since January 1988.

The S&P 500 pulled back 0.6 percent, with consumer staples declining more than 2 percent. Walmart was the biggest decliner in the S&P 500. Kroger and Kraft Heinz, which are also in the staples sector, were among the worst-performing stocks in the index.

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