Anxiety about Dubai’s debt crisis drove stocks down sharply in the U.S. and Asia on Friday, while markets in Europe held steady.
This story first appeared in the November 30, 2009 issue of WWD. Subscribe Today.
The Nikkei 225 fell 3.2 percent to close at 9,081.52 while Hong Kong’s Hang Seng slid 4.8 percent to close at 21,134.50.
The Dow Jones Industrial Average dropped 154.48 points, or 1.5 percent, to 10,309,92 and the S&P 500 Index lost 19.14 points, or 1.7 percent, to end the week at 1,091,49.
The S&P Retail Index dropped 5.42 points, or 1.3 percent, to close at 404.26, still managing a 0.9 percent advance for the week. The declines on Friday cost the Dow and S&P 500 the gains they’d accumulated earlier in the week, leaving both indices essentially unchanged.
Drilling down to apparel, beauty and retail issues, just 61 of 171 stocks monitored by WWD were up for the week, while 102 were down and eight were flat.
European markets weathered the uncertainty about Dubai better than their counterparts in Asia and the U.S. London’s FTSE 100 added 1 percent to end the week at 5,245.73 while the CAC 40 in Paris was up 1.2 percent to 3,721.45.