Retail stocks and the U.S. market ended the week on a down note, although investors in Europe were more upbeat.
The S&P Retail Index fell 0.4 percent, or 2.89 points, to 662.77 today, as the Dow Jones Industrial Average slipped 0.1 percent, or 17.46 points, to 13,579.47.
The decliners included Abercrombie & Fitch Co., down 4.7 percent to $36.88; Coach Inc., 4.1 percent to $56.62; Aéropostale Inc., 2.9 percent to $13.95, and Guess Inc., 2.6 percent to $26.45.
Shares of Michael Kors Holdings Ltd., bucked the trend and jumped 9.3 percent to $57.35 after the company boosted its earnings per share guidance for the second quarter to 38 cents to 40 cents from the 33 cents to 35 cents previously anticipated.
European stock markets were generally on the rise and investors were encouraged by a report in the Financial Times that European Union authorities are working behind the scenes to pave the way for a new Spanish rescue program and unlimited bond buying by the European Central Bank. Milan’s FTSE MIB gained the most, rising 1 percent to 15,991.10, while the DAX in Frankfurt climbed 0.8 percent to 7,451.62. The CAC 40 in Paris was up 0.6 percent to 3,520.72.
London’s FTSE 100, which is outside of the euro currency bloc, was the outlier and slipped 0.03 percent to 5,852.62.
The day’s gainers included Inditex, which climbed to 2.5 percent to 99.38 euros, and Carrefour, which advanced 1.1 percent to 17.42 euros. Both Yoox and Safilo grew 1.3 percent, to 10.16 euros and 5.95 euros, respectively.
Losing ground were Mulberry, which slid 2.8 percent to 12.67 pounds, and LVMH Moët Hennessy Louis Vuitton, 1.2 percent to 122.55 euros.
The euro traded at $1.30 against the dollar, while the pound traded at $1.62 and the Swiss franc traded at $1.07.