Retail stocks fell today as the early read on third-quarter corporate results underscored worries surrounding a weakening economic outlook.
The S&P 500 Retailing Industry Group fell 1.2 percent, or 7.71 points, to 651.84, as the Dow Jones Industrial Average declined 1 percent, or 128.40 points, to 13,345.13.
The decliners included Coach Inc., down 3.6 percent to $53; Express Inc., 3.5 percent to $11.10; Tilly's Inc., 3.4 percent to $16.66; Amazon.com Inc., 2.4 percent to $244.99, and Tumi Holdings Inc., 2.3 percent to $22.46.
Late Tuesday, corporate giant Alcoa posted third-quarter losses and reduced its forecast for global aluminum demand. That helped spook investors who were already jittery after the International Monetary Fund cut its project for global economic growth this year to 3.3 percent this week, down from the 3.5 percent it previously expected.
Investors were also gloomy in Europe.
London’s FSTE 100 sank 0.6 percent to 5,776.71 while Paris’ CAC 40 fell 0.5 percent to 3,365.87. Milan’s FTSE MIB and Frankfurt’s DAX were both down 0.4 percent, to 15,440.63 and to 7,205.23, respectively.
Retail and luxury stocks were mixed with the day’s biggest climbers including PPR, which was up 2.5 percent to 128.20 euros; Ferragamo, 2.4 percent to 16.96 euros; Yoox, 2 percent to 10.79 euros, and Carrefour, 1.8 percent to 15.99 euros.
Among the stocks that lost ground were Marks & Spencer Group, down 1.8 percent to 3.74 pounds; Brunello Cucinelli, 1.2 percent to 14.40 euros, and Safilo Group, 2.3 percent to 6.16 euros. The euro traded at $1.29 versus the dollar while the pound traded at $1.60.
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