U.S. stocks ended the day on a down note in part due to geopolitical concerns following an agreement between the U.S. and the European Union on working together on tougher sanctions on Russia.
The Dow Jones Industrial Average slipped 0.6 percent to 16,268.99, while the S&P 500 Retailing Industry Group fell 1.3 percent to 887.18.
The top gainer was Movado Group Inc., which rose 10.2 percent to $46.31. The company posted fourth quarter results that beat Wall Street’s earnings per share estimate by 16 cents, and it provided fiscal year 2015 guidance above expectations.
Other top gainers included The Wet Seal Inc., up 4.5 percent to $1.16, and PVH Corp., which rose 3.6 percent to $121.43.
The biggest loser was American Apparel Inc., dropping 13.9 percent to 51 cents. The company, which has an April 15 deadline in which it faces possible delisting on the NYSE MKT exchange, priced the shares for its public offering at 50 cents each. The company said Tuesday it would offer $30.5 million in common stock to the public to access capital and give it some breathing room. It reached an agreement Tuesday with its lender, Capital One Business Credit Corp., for a waiver of certain obligations under its credit facility provided the lender receives at least $25 million from the net proceeds of the offering by April 15. The offering is set to close around March 31.
Also losing ground was Christopher & Banks Corp., down 8.6 percent to $5.83, and New York & Co. Inc., down 6.6 percent to $4.25.
Overseas, the European stock markets closed on a high note, with Milan’s FTSE MIB leading the way.
The Italian market advanced 1.4 percent to 21,108.15, followed by the DAX in Frankfurt, 1.2 percent to 9,448.58 and the CAC 40 in Paris, 0.9 percent to 4,385.15. The FTSE 100 in London was broadly flat at 6,605.30.
The euro traded at $1.38, while the pound fetched $1.65 and the Swiss franc equaled $1.13.
Retail and luxury stocks were mostly on the uptick, with the day’s biggest gainers including Tod’s SpA, 3.4 percent to 95.10 euros; Safilo Group, 4.4 percent to 15.40 euros; Ferragamo, 4.6 percent to 21.44 euros; and Kering, 3.4 percent to 149.10 euros.
Among the stocks that lost the most ground were Ted Baker, 3.4 percent to 22.42 pounds; Koovs, 2.2 percent to 1.81 pounds; and Mulberry Group, 1.4 percent to 7.04 pounds.