Wall Street tumbled on Wednesday amid more fears about the financial sector and rising oil prices, and retail stocks bore a major share of the damage.
The Standard & Poor's Retail Index, down more than 2 percent for most of the day, ended the session with a 1.9 percent decline to 385.05. The Dow Jones Industrial Average fell below 12,000 for the first time since March during trading before recovering to close down 1.1 percent to 12,029.06. The S&P 500 dropped 1 percent to 1,337.81.
Wal-Mart Stores Inc. was among the most active stocks on the New York Stock Exchange, falling 1.7 percent to $57.67 as more than 22 million shares changed hands. Rival Target Corp. dipped 3.1 percent to end the day at $50.85.
The department store sector saw some of the biggest declines. Macy's Inc. dropped 4.7 percent to close at $21.02, J.C. Penney Corp. sank 5 percent to $36.72, Sears Holdings Corp. decreased 2.5 percent to $77.91 and Kohls Corp. lost 2.8 percent to $43.46.
High-end retailers also took a hit. Saks Inc. declined 2.4 percent to $12.20, while Nordstrom Inc. fell 2.9 percent to $33.95.
Action sports retail Zumiez Inc. plunged 7.1 percent to $20.56, teen retailer Abercrombie & Fitch Co. declined 2.3 percent to $67.91 and American Eagle Outfitters Inc. gave up 4.1 percent to end the day at $16.20. Gap Inc. was down 2.8 percent to $17.49 and Limited Brands Inc. slid 1.6 percent to $18.58.
One of the few retailers to see gains was The Children's Place, which increased 1.4 percent to $37.59. Another exception was Wet Seal Inc., which rose 1.2 percent to close at $4.96.
Polo Ralph Lauren Corp. slid 2 percent to $64.75, Liz Claiborne Inc. fell 1.5 percent to $16.10 and Phillips-Van Heusen Corp. lost 3.2 percent to $40.65. Warnaco Group Inc. gave back 2.4 percent to close at $47.44 and VF Corp. receded 1.7 percent to $72.11.
Quiksilver Inc. managed a 2.8 percent increase to close at $9.65, but Under Armour surrendered 5.2 percent, ending the day at $30.51.
Investors pulled back after FedEx Corp. warned that earnings would fall short of expectations and Morgan Stanley posted a 51 percent plunge in second-quarter earnings.
My character, Dinah Madani, is just the coolest, [most] badass woman imaginable," says @amberroserevah. The actress stars in @marvel's newest series on @netflix, @thepunisher. To prepare for her role, Revah sat down with Homeland agents to get a real sense of with Dinah's day-to-day life is really like. Read our full interview on WWD.com. #wwdeye (📷: @jilliansollazzo)
A scene from the 91st annual @macys Thanksgiving Day Parade. The parade, which boasts 50 million TV viewers and 3.5 million on-site spectators, is considered one of the largest and most watched parades in the world. (📷: Jason Szenes/EPA-REX)
The circus came to @bloomingdales 59th Street on Tuesday night and lit up Lexington Avenue with acrobatic dancers, death-defying knife throwing, sword swallowing and aerial acts with no net. The 45 minutes of theatrics built up to unveiling the holiday windows depicting @swarovski crystal-encrusted circus pieces and scenes from “The Greatest Showman” – songs from the soundtrack included. See the rest of the photos on WWD.com #wwdfashion (📷: Joshua Scott)
The psychedelic fashion that pervaded the ’60s is back with an exhibit at the @museumofcityny. “Mode New York: Fashion Takes a Trip” chronicles the changing styles from 1960 through 1973 and features designers such as @ysl, @oscardelarenta and more. The exhibition, which is on display through April 1, is organized into four periods: First Lady Fasion, Youthquake, New Bohemia and New Nonchalance. Pictured here is model Pat Bardonella during the Garvey Day Parade in 1968. (📷: @kwamebphoto) #wwdeye #wwdfashion
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@barbrastreisand is giving fans a chance to see her perform up close in a new concert series, which makes its debut on @Netflix today. From behind-the-scenes takes to her concert performance in Miami last December, the two-hour streaming special captures Streisand in her element. Pictured here is the singer/actress photographed for WWD in 1963. (📷: Palmieri Tony) #wwdeye #wwdarchive
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)