By and  on July 10, 2014

The WWD Global Stock Tracker was down 0.7 percent as markets around the world pulled back on concerns about European banks and U.S. discretionary spending.

The WWD index ended the day at 99.44, pulling back from its 100.09 finish on Wednesday.

U.S. markets managed to recover from larger losses earlier in the day, but the Dow Jones Industrial Average closed down 0.4 percent to 16,915.07, erasing much of its morning declines of over 100 points, while the S&P 500 Retailing Industry Group was off 1.2 percent to 891.55 as a small group of retailers in the U.S. reported sales for May that were up a bit less than expected.

The largest gain among stocks in WWD’s sample came from American Apparel Inc., ahead 21.3 percent to $1.03 following agreement among its board and Standard General that assuaged fears of a default crisis in the wake of Dov Charney’s suspension as chief executive officer. Burberry Group shares advanced 3.5 percent to 14.68 pounds, or $25.19 at current exchange, on strong first-quarter sales that were reported along with a reduction in its full-year guidance.Hong Kong’s Trinity Ltd. fell 3.2 percent to 1.93 Hong Kong dollars, or 25 cents, while Next gained 1.8 percent to close at 64.55 pounds, or $110.75.

Among issues in decline Aeeffe was off 5.9 percent to 1.19 euros, or $1.63; Chow Tai Fook Jewellery Group off 4.6 percent to 11.30 Hong Kong dollars, or $1.46; Anta Sports Products Ltd. off 3.6 percent to 12.46 Hong Kong dollars, or $1.61, and G-III Apparel Group Ltd. off 3.2 percent to $77.78.

While attention in Europe was focused on Portuguese bank Banco Espirito Santo, that concern raised fears of possible issues at other euro-zone banks.


Click Here for  the WWD Global Stock Tracker >>

load comments
blog comments powered by Disqus