U.S. retail stocks took their lead from declines in Europe, falling 1.5 percent in Friday morning trading.
At noon, the S&P Retail Index was off 7.05 points to 453.19 as the drop in the Dow Jones Industrial Average passed the 200 marker, declining 204.43 points, or 1.9 percent, to 10,578.52. The S&P 500 was off 26.28 points, or 2.3 percent, to 1,131.15.
The sell-off mirrored activity on major European exchanges as anxiety about the Greek debt crisis remained high despite the nearly $1 trillion bailout plan approved earlier this week by EU nations and the International Monetary Fund. The CAC 40 in Paris ended the day down 4.3 percent to 3,571.9 while the FTSE 100 in London dropped 3.1 percent to 5,264.05 and Frankfurt’s DAX Composite Index lost 3.5 percent to end the day and the week at 6,033.84.
Additionally, the euro continued its downward trajectory, dipping below $1.24 to $1.2378.
While Dillard’s Inc. was up 9.4 percent to $28.14 following its report of improved first-quarter earnings, J.C. Penney Co. Inc. shares were off 3.1 percent to $27.29 on a cautious outlook for the second quarter. Shares of Nordstrom Inc. traded down 3.6 percent to $39.79 in its first day of trading following its report Thursday evening of improved first-quarter earnings that failed to meet analysts’ expectations.
Asian markets ended the day with losses ranging from 0.5 percent for the SSE Composite Index in Shanghai to 1.5 percent for Tokyo’s Nikkei 225.
For complete coverage, see Monday’s issue of WWD.