FASHION STOCKS TAKE A HIT

NEW YORK — Asian fears caused the The Dow Jones Industrial Average to retreat 207 points Monday to close at 8,267.93, and many fashion stocks took it on the chin.
The 2.4 percent Dow drop — the second biggest in points this year — followed panicky selling in Asian equity markets as the continued weakening of the Japanese yen renewed fears that Asia’s persistent economic troubles could spread. The yen hit an eight-year low against the U.S. dollar.
Retailers, one of the strongest stock groups this year, were hit particularly hard. There were notable declines at Wal-Mart Stores, off 2 1/4 to 56 9/16; Nordstrom, 2 5/8 to 68 1/2; Dayton Hudson, 1 11/16 to 48 15/16; Federated Department Stores, 1 3/16 to 52 5/16; Ross Stores, 1 3/16 to 41 3/4; Proffitt’s, 1 3/4 to 39; May Department Stores, 1 3/4 to 62 3/4, and Kohl’s Corp.. 1 9/16 to 49 7/8.
Neiman Marcus Group fell 1 7/16 to 35 1/16; Saks Holdings, the parent of Saks Fifth Avenue, was off 11/16 to 22 9/16, and Tiffany & Co. slumped 2 3/8 to 42 3/8. Among other specialty stores, Gadzooks gave back 2 to 24 3/8, Gap sagged 1 7/8 to 59 1/8 and The Limited lost 1 1/2 to 30 7/16.
Gucci Group stumbled 2 7/16 to 51 5/8. Other manufacturers that slid were Fruit of the Loom, 1 5/8 to 32 3/16, and Columbia Sportswear, 1 7/16 to 21 1/4.
There were selloffs of men’s wear’s big three – Polo Ralph Lauren, off 1 1/8 to 26 3/8, Tommy Hilfiger Corp., 1 3/16 to 57 3/4, and Nautica Enterprises, 1 1/8 to 26 3/8.

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