The barest hint of a slow down at high-end jeweler Tiffany & Co. weighed on luxury stocks today as the market in general continued to gain ground following the Cyber Monday rally.
Tiffany posted strong third-quarter profits, but noted “recent sales weaknesses in Europe and in the eastern part of the U.S.” and saw its stock fall 9.1 percent to $66.95 in mid-afternoon trading.
Other high-end names losing ground were Saks Inc., off 3.1 percent to $8.63; Ralph Lauren Corp., down 3.1 percent to $140.86; Coach Inc., 2.8 percent to $60.41, and Nordstrom Inc., 0.9 percent to $44.84.
The declines stood in contrast to the S&P Retail Index, which rose 0.9 percent, or 4.45 points, to 520.32, as the Dow Jones Industrial Average gained 0.6 percent, or 66.79 points, to 11,589.80. Retail stocks jumped 3.1 percent Monday as the Dow picked up 291 points.
The market was buoyed today by a 15.1 point jump in The Conference Board’s Consumer Confidence Index, which hit a four-month high for November.
In Europe, markets ended the day with marginal gains as European Union finance ministers met in Brussels in a bid to hammer out ways of easing the region’s debt load and British chancellor George Osborne laid out the state of the British economy.
The DAX in Frankfurt rose 1 percent to 5,799.91, followed by the FTSE 100 in London, which rose 0.5 percent to 5,337, and the CAC 40, which also gained 0.5 percent to 3,026.76.
The day’s biggest gainers included Luxottica Group, which rose 1.8 percent to 21.09 euros; Mulberry Group, which rocketed 5.7 percent to 14.13 pounds, and Metro, which rose 2 percent to 35.60 euros.
Losing ground were Geox, which tumbled 3.9 percent to 2.29 euros; Ferragamo, which fell 3.5 percent to 9.97 euros, and Safilo Group, which retreated 2.7 percent to 4.65 euros.
The euro traded at $1.33 against the dollar while the pound traded at $1.56.
Osborne told parliament that the U.K. economy would grow by 0.9 percent this year, compared with the 1.7 percent forecast in March. Next year, growth is expected to slow to 0.7 percent, down from the 2.5 percent originally projected.
In addition, unemployment is expected to rise from 8.1 percent this year to 8.7 percent in 2012. Osborne also unveiled a 5 billion pounds, or $7.8 billion, plan to beef up infrastructure in the U.K.