Retailers bucked the trend and gained ground on Wall Street today.
In the final minutes of trading, the S&P Retail Index was up 1.1 percent, or 6.39 points, to 593.25, as shares of online merchant Amazon jumped 3.1 percent to $214.57. The Dow Jones Industrial Average was off 0.1 percent, or 17.11 points, to 12,101.46.
Investors are unsure where the global economy is headed and remain worried about Greece and now Spain’s position in the euro zone. Traders are looking ahead to Thursday, when Federal Reserve chairman Ben S. Bernanke will testify before Congress.
Among the retailers gaining ground was Frederick’s of Hollywood Group Inc., which rose 10.2 percent to 41 cents after the company closed on a three-year $24 million revolving credit facility from Salus Capital Partners.
“Through this new credit line, Salus Capital Partners has expressed a strong vote of confidence in Frederick’s of Hollywood’s ongoing business model and has truly engaged us as a partner,” said Thomas Lynch, chairman and chief executive officer. The refinancing comes just a few weeks after the innerwear firm sold $5 million in convertible preferred stock to an investment company run by Michael Tokarz.
Also rising were Under Armour Inc., up 1.6 percent to $97.31; Coach Inc., 1.5 percent to $64.06; Nordstrom Inc., 1.4 percent to $47.47, and The Jones Group Inc., 1 percent to $9.35. Jones acquired a majority of the Brian Atwood brand.
In Asia, markets were down sharply as investors reacted to the economic worries sparked last week by a weak May employment report from the U.S. Hong Kong’s Hang Seng Index fell 2 percent to 18,185.59 as Tokyo’s Nikkei 225 declined 1.7 percent to 8,295.63.
European markets were mixed with Milan’s FTSE MIB up 1.2 percent to 12,891.96 and Paris’ CAC 40 ahead 0.1 percent to 2,954.49, while Frankfurt’s DAX slipped 1.2 percent to 5,978.23. In London, the market was closed for the Queen’s Diamond Jubilee.