Profit-taking and concerns over a softening consumer spending environment combined to drag retail stock sharply down in the midday session.
The S&P Retailing Industry Group Index lost 2.2 percent to 1,198. And even as crude oil jumped, the Dow Jones Industrial Average was off 105 points, or 0.6 percent, by midday to 16,411. The broader S&P 500 was down 0.6 percent to 1,926 while the Nasdaq staggered with a 1.1 percent decline to 4,636.
Dragging down the retail sector was Zumiez Inc., with a 4.5 percent decline to $16.27 and Men’s Wearhouse Inc. with a 4 percent drop to $11.07. Ross Stores Inc. was off 2.3 percent to $53.20 and Ascena Retail Group Inc. was down 3.5 percent to $8.46.