NEW YORK — The WWD Composite Stock Index took it on the chin last week as concerns over the short-term future of consumer spending triggered by rising energy costs weighed heavily on investors.

The index fell 1.8 percent to 1,025.25 on Friday from 1,044.01 in the prior week as the broader S&P 500 also dropped 1.8 percent to 1,215.29 from 1,237.91. For the year-to-date period, the WWD index is off 14.5 percent from a high of 1,198.53 set on July 22.

Aside from rising fuel costs, the anticipated landfall of Hurricane Rita also worried investors. Retailers closed stores as the Gulf states braced for the storm.

As a result of increasing fuel prices, two major suppliers issued profit warnings last week. The Estée Lauder Cos. and Avon Products Inc. cited gas prices as one of the reasons for their revised earnings guidance.

Weekly % Changes
(Ending September 23)
Largest Gainers
Largest Losers
CloseChange  Close Change
Bebe 17.335.61Harold's Stores0.96-20.00
eBay38.784.53 Stein Mart19.46-17.99
G-III 11.30 4.44Avon27.35-15.17
Nike 81.273.58American Eagle 22.43-14.03

To Read the Full Article

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus