INDUSTRY STOCKS CAUGHT IN 157.11 POINT DOW DROP

NEW YORK — Rising interest rates continued to depress the stock market Monday, as the Dow Jones Industrials plunged 157.11 points to 6583.48 and dragged retail and apparel stocks down with it.
Monday’s slump follows a 140-point decline on Thursday. There was no trading Friday because of the Good Friday holiday.
Among the retailers taking point-plus hits were Kohl’s, off 1 3/4 to 42 3/8; Dayton Hudson, 1 3/8 to 41 3/4; Federated Department Stores, 1 1/4 to 33 1/8; Gap, 1 3/8 to 33 1/2; Mercantile Stores, 1 5/8 to 46 3/8; Neiman Marcus Group, 1 1/4 to 25 3/4; and Sears, Roebuck, 1 1/8 to 50 1/8.
Saks Holdings took the biggest hit among major retailers, dropping 3 3/8 to 28 3/4. Wal-Mart Stores dropped a point to 27 7/8 on a turnover of 6.1 million shares, putting it third among the New York Stock Exchange’s most active issues.
While most other retail stocks were off fractionally, Burlington Coat Factory managed to gain 1/2 to 18 and Woolworth added 3/8 to 23 3/8.
At the manufacturing level, Gucci Group, which last week reported soaring sales and profits, rose 3/8 to 72 1/8. But generally the apparel segment was as weak as the retail stocks. Jones Apparel Group gave up 1 3/4 to 37 1/8; Liz Claiborne slipped 3/4 to 43 5/8 and Tommy Hilfiger dropped 1 1/8 to 52 1/2.
Monday’s drop on the Dow was led by bank and other financial institutions most sensitive to changes in interest levels. The decline brought the DJIA index to its lowest level since Jan. 8, giving back just about all of the 1997 gains.
Declining issues on the NYSE Monday swamped advances 2,138 to 536 and volume was a very active 555.7 million shares. In Thursday’s 140-point loss, volume was a relatively moderate 475.9 million shares.

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