China’s weak yuan along with cheap gas continued to disturb investors, sending U.S. equities down once again on Friday. And a positive jobs report did little to quell fears on Wall Street, which also punished the retail sector by sending stocks deep into the red.
Investors seemed to ignore a positive jobs report.
As a result, the Dow Jones Industrial Average lost 168 points, or 1 percent, to close at 16,346 while the broader S&P 500 fell 1.1 percent to finish at 1,992. The Nasdaq ended the day down 1 percent to close at 4,643.
For the week, the Dow lost 1,079 points, or 6.2 percent while the S&P 500 retreated 6 percent. The Nasdaq closed the week with a 7.3 percent decline.
Hardest hit were retail, beauty and fashion apparel stocks on Friday, which declined between 1 and 6 percent, respectively. The S&P Retailing Industry Group ended the day down 1.9 percent to 1,197. The retail index closed the week down 6.7 percent.
There were few companies that ended the day in positive territory. Finish Line Inc. closed up 2 percent to $16.97 while Cherokee Inc. rose 3.6 percent to $15.38. Revlon Inc. increased 0.7 percent to close at $25.28. On the declining side, bellwether Wal-Mart Stores Inc. fell 2.3 percent to close at $63.54 while Kohl’s Corp. ended the day down 5.9 percent to $47.87. Shares of TJX Cos. dropped 4.4 percent to $66.97, and Bon-Ton Stores Inc. declined 10.3 percent to $1.75.
And in its first day of trading since reporting weak holiday sales — including soft results at Old Navy, which had been performing well in prior months — shares of Gap Inc. dropped 14.3 percent to close at $22.91. Meanwhile, shares of American Eagle Outfitters sunk 16.6 percent to $13.24 after the specialty apparel retailer posted fourth-quarter same-store sales that were below analysts’ estimates. The company also warned of lower quarterly earnings.
Earlier in the day, European stocks ended the week also in negative territory with the FTSE 100 in London closing down 0.7 percent to 5,912 and Frankfurt’s DAX dropping 1.3 percent to 9,849. In Asia, stocks were mixed as the Nikkei 225 in Japan dropped 0.4 percent to close at 17,698 as the Hang Seng in Hong Kong gained 0.6 percent to close at 20,454. In China, the Shanghai index ended the day up 2 percent to 3,198.