U.S. markets tried to shrug off Monday’s steep selloff but while major indices inched back into the green at midday trading, the gains were weak.
The Dow Jones Industrial Average was up 0.2 percent to 17,626 while the S&P 500 gained 0.3 percent to 2,062. The S&P Retailing Industry Group showed a 0.7 percent gain to 1,137.
In Europe, LVMH Moët Hennessy Louis Vuitton continued to take one of the hardest falls. The company’s stock slid 2.2 percent to 159.27 euros, or $177.37. Salvatore Ferragamo Italia SpA fell by 3.6 percent to 26.94 euros, or $30.04. Safilo took a 2.1 percent dip to 12.90 euros. or $14.37, and Richemont slipped by 1.5 percent to 73.26 euros, or $81.59. Kering, however, recovered from Monday’s dip with a 0.47 percent increase to 161.71 euros, or $180.17.
U.S. retail stocks were mostly up. Macy’s Inc. gained 0.9 percent to $67.66 while Nordstrom Inc. rose 0.2 percent to $74.48. TJX Cos. Inc. was trading up 0.5 percent to $66.40 and Gap Inc. increased 0.7 percent to $38.31. The declines Monday in the U.S. retail sector were between 2 and 7 percent.
The selloff on Monday was due to concerns that if Greece’s financial state completely fails, and the country is forced out of the European Union, other EU countries would follow suit — impacting business not only in Europe, but across the globe.
Earlier today, with its existing aid agreement expiring, Greek Prime Minister Alexis Tsipras asked the European Stability Mechanism to float its debt as it goes through a restructuring.