On Tuesday, the S&P Retail Index tumbled 1.9 percent, or 7.92 points, to 405.67 on word that consumer spending stalled in June after a modest uptick in May.
This story first appeared in the August 4, 2010 issue of WWD. Subscribe Today.
The Dow Jones Industrial Average slipped 0.4 percent, or 38 points, to 10,636.38. Retail decliners for the day included J.C. Penney Co. Inc., off 8.2 percent to $23.38, and J. Crew Group Inc., down 5 percent to $34.82.
U.S. personal consumption expenditures were flat in June compared with May, the Commerce Department said. Expenditures rose 0.5 percent in both February and March, but fell 0.1 percent in April and gained back 0.1 percent in May.
Personal income and disposable personal income were also flat in June. Personal savings as a percentage of disposable income ticked up to 6.4 percent from 6.3 percent, a 13-month high.