Investors claim Signet did little but “deny and downplay” the underlying discrimination suit until accounts of worker harassment became public.
Retail and luxury stocks were mostly up in mid-morning trading on Tuesday.
Traders are also gauging the non-farm payrolls report due on Friday. They’re looking for signs of weakness.
Also of concern was a drop in crude oil this morning below $40 a barrel.
As the European Central Bank decided to cut interest rates to spur economic activity, a report from analysts at S&P Capital IQ noted that the outlook for the U.S. economy “is bright.”
The S&P 500 is up 200 percent since 2009.
The S&P Retailing Industry Index fared worse, and staggered to the finish with a 2.3 percent drop to 1,067.
The price of crude oil has become one of the most critical variables in investment algorithms, and is now firmly correlated to the market.
A slowing fourth-quarter gross domestic product was not enough hold back global equities.
Higher crude oil did little to cheer investors as a statement from the Federal Reserve signaled caution over the direction of the global economy.
Crude oil’s sudden 4.3 percent jump to $27.32 in midday trading was the boost in the arm that Wall Street needed.
Investors looking for chances to “buy on the dip” will have another opportunity today.