By  on March 15, 2013

Wall Street snapped a 10-day winning streak today as the Dow Jones Industrial Average slipped 0.2 percent, or 25.03 points, to 14,514.11. Retail stocks fell harder and the S&P 500 Retailing Industry Group declined 0.8 percent, or 5.83 points, to 719.88. Both retail stocks and the Dow have repeatedly set new all-time highs over the past two weeks. Markets have been fueled by low interest rates and a somewhat steadier economic outlook. Among the decliners were Aéropostale Inc., down 5.2 percent to $13.75; Lululemon Athletica Inc., down 2.8 percent to $68.48; The Estée Lauder Companies Inc., 2.6 percent to $63.34, and Tumi Holdings Inc., 2.4 percent to $23.69. European stock markets closed on a flat note, at the end of a particularly bullish week. The CAC 40 in Paris fell 0.7 percent to 3,844.03, followed by the FTSE 100 in London, which was down 0.6 percent to 6,489.65, and the FTSE MIB in Milan, which edged down 0.4 percent to 16,061.15. The DAX in Frankfurt fell 0.2 percent to 8,042.85. The euro traded at $1.30 against the dollar while the pound traded at $1.50 and the Swiss franc traded at $1.05. Retail and luxury stocks put on a mixed show, with the day’s biggest gainers including Ferragamo, which advanced 2.3 percent to 21.36 euros, and Metro AG, which rose 1 percent to 21.80 euros. Losing ground were LVMH Moët Hennessy Louis Vuitton, which fell 1 percent to 134.20 euros; Safilo Group,which sank 1.6 percent to 10 euros; Mulberry Group, which retreated 1.8 percent to 12.52 pounds; and Hugo Boss, which was down 3.9 percent to 85.48 euros. Eurozone finance ministers went into a second day of talks in Brussels on Friday to discuss a bailout for bankrupt Cyprus, although no deal had been reached by the time markets closed.

To continue reading this article...

load comments
blog comments powered by Disqus