FEAR OF INTEREST RATE HIKE CAUSES DOW TO FALL AGAIN

NEW YORK — The stock market on Wednesday took a plunge, amid continued fears of interest rate hikes, and several retailer shares got nicked. The Dow Jones Industrial Average dropped 108.91 to 10,801.42, despite the release of a sanguine Consumer Price Index, with only the mildest hint of of inflation.
Retailers taking more notable hits included Wal-Mart, off 1 3/8 to 45 1/2; Gap, 1 15/16 to 34; Kohl’s Corp., 1 5/16 to 74 5/8; May Department Stores, 13/16 to 37 9/16; Abercrombie & Fitch, 1 7/8 to 39 1/16; Dayton Hudson, 3/4 to 56 7/16, and Bradlees, 1 to 13 1/4.
Among vendors, the American despositary shares of LVMH were off 1 1/4 to 58 1/4, and Tarrant Apparel lost 1 to 11 1/4.
On the plus side, Gucci Group added 2 7/16 to 87 9/16 after it reported better-than-expected second-quarter earnings. Dress Barn gained 31/32 to 16 9/32 also after a plus earnings report. Other gainers included Tiffany & Co., up 2 9/16 to 62 3/4; Tropical Sportswear, 1 1/4 to 19 1/2, and VF Corp., 13/16 to 31 7/16.