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Retail Stocks Dip as Wall Street Gains

Citigroup unveils plans to cut 11,000 jobs.

Retail stocks fell 0.3 percent on Wall Street today even as the broader market gained ground, pushing the Dow Jones Industrial Average back over 13,000.

The S&P 500 Retailing Industry Group declined 1.90 points to 665 as the Dow gained 0.6 percent, or 82.71 points, to 13,034.49.

The decliners included Oxford Industries Inc., down 8.1 percent to $48.53 after the company cut its profit guidance late Tuesday; Michael Kors Holdings,  3.9 percent to $50.40; Sears Holdings Corp., 3.9 percent to $41.21, and Lululemon Athletica Inc., 2.9 percent to $68.59.

Investors continue to keep a close eye on Washington’s efforts to avert the fiscal cliff—a slate of automatic tax hikes and spending cuts set to take hold next year.

Citigroup also made headlines, saying it would cut 11,000 jobs and take a $1 billion fourth-quarter charge.
In Europe, markets were also generally up.

The FTSE 100 in London rose 0.4 percent to 5,892.08, followed by the CAC 40 in Paris and the DAX in Frankfurt, both of which gained 0.3 percent, to 3,590.50 and 7,454.55, respectively.

The FTSE MIB in Milan, however, was down 0.5 percent 15,954.53.

Retail and luxury stocks were predominantly down. Those losing the most ground included Unilever, down 2.5 percent to 29.18 percent; Inditex, 2.1 percent to 98.67 euros; Ferragamo, 2 percent to 17.01 euros, and PPR, 1.3 percent to 140.60 euros.

Among the stocks making small advances were Safilo, up 1 percent to 6.35 euros; Carrefour, 1.5 percent to 19.14 euros, and Asos.com, 0.4 percent to 24.75 pounds.

The pound traded at $1.61 versus the dollar and the euro was worth $1.31.