WetSeal Decimated, Macy's & General Mills Lower on Layoff News

U.S. markets sold off in midday trading Friday weighed by wage declines from the otherwise better-than-expected jobs report. The Dow Jones Industrial dropped about 200 points. More job cuts are on the way at General Mills (GIS). The Cheerio's maker says it will close two factories and layoff another 500 workers adding to the 14,000 jobs cuts announced last year. Shares of Macy's (M) were sharply lower on its restructuring plans, which includes the closing of 14 of its department stores. WetSeal (WTSL) has virtually been decimated. The stock was down 36% and is now worth about $0.06 a share. Investors are pulling out after the Wall Street Journal's report that the retailer could file for bankruptcy as soon as next week.