Wall Street investors beat a hasty retreat today after being spooked by tech companies, but retailers managed to miss the worst of it.
The S&P 500 Retailing Industry Group fell 1.2 percent, or 7.69 points, to 647.82, as the Dow Jones Industrial Average dropped 1.5 percent, or 205.43 points, to 13,343.51. Microsoft Corp. weighed on the market after its quarterly report disappointed and Google Inc. turned in weaker than expected earnings Thursday.
The day’s decliners included Lululemon Athletica Inc., down 7.5 percent to $69.03; Guess Inc., 6.2 percent to $24.96; Inter Parfums Inc., 4 percent to $17.67, Avon Products Inc., 4 percent to $16.48, and Sears Holdings Corp., 3.8 percent to $58.72.
Markets were also down in Europe, losing ground after four up days. European leaders wrapped up a two-day meeting in Brussels, but left hanging the issue of further aid to the Spanish economy. That further stoked investor concerns about the region.
Madrid’s IBEX 35 dropped 2.3 percent to 7,913.40, as Milan’s FTSE MIB contracted 2 percent to 15,862.31. Other markets showed more modest declines. Paris’ CAC 40 dropped 0.9 percent to 3,504.56 as Frankfurt’s DAX declined 0.8 percent to 7,380.64 and London’s FTSE 100 fell 0.4 percent to 5,896.15.
The day’s decliners included Compagnie Financière Richemont, down 1 percent to 59.50 Swiss francs; LVMH Moët Hennessey Louis Vuitton, 0.8 percent to 125.80 euros; Inditex, 2.3 percent to 97.41 euros, and Asos.com, down 3.4 percent to 24.43 pounds.
Running countertrend were PPR, up 0.8 percent to 134.25 euros; Safilo, ahead 1 percent to 6.59 euros, and Carrefour, up 5.9 percent to 18.35 euros, following news that it had sold is operations in Colombia to Cencosud for $2.6 billion.
The pound traded at $1.61 versus the dollar while the euro traded at $1.30 and the Swiss franc traded at $1.08.