After two days of gains, stocks fell today amid a stall in talks on Greece’s debt and concerns ahead of next week’s Federal Reserve Open Market Committee meeting, which may offer direction regarding an interest rate hike.
As a result, the Dow Jones Industrial Average lost 0.8 percent to close at 17,898, while the S&P 500 fell 0.7 percent to 2,094. The S&P Retailing Industry Group index dropped 0.4 percent to finish at 1,139.
The 100-issue WWD Global Stock Tracker fell 0.8 percent to 112.26.
Retail stocks generally suffered declines of 0.1 to 1 percent. Retail bellwether Wal-Mart Stores Inc. lost 0.7 percent to close at $72.43. There were several stocks, though, that buck the bearish declines.
Hudson’s Bay Co. finished the day up 5.2 percent to 24 Canadian dollars, or $19.52 — the retailer reported strong quarterly sales earlier this week — while Zumiez Inc. gained 4 percent to close at $24.63. Zumiez recently posted weak same-store sales for May, but one financial blogger and several retail analyst reports reminded the market that in the prior six quarters the retailer beat earnings estimates four times.
Shares of Cherokee Global Brands Inc. jumped 10.6 percent to $26.10 following a quarterly report that showed flat revenue on a 3 percent sales gain.
Investors likely keyed into news that the company entered into long-term deals with Sears Canada for the company’s namesake brand and its Liz Lange brand. Management also said it inked a deal with Sports Direct for the Tony Hawk Signature apparel label.