FRIDAY’S MARKET DROP HITS RETAIL, SOME APPAREL STOCKS

NEW YORK — The stock market took another dive Friday, but the 91.85 point drop in the Dow Jones Industrials was relatively mild compared with the 508-point decline 10 years ago.
Retail stocks were hit pretty hard in Friday’s decline, which followed Thursday’s 119-point slump, but apparel stocks were mixed.
Among the retailers, Sears, Roebuck & Co. dropped another 1 5/16 to 46 3/4 on top of Thursday’s 5 13/16 hit that followed Sears’ disclosure of problems with credit card delinquencies and a below-target profit gain expected in the fourth quarter. Other retail stocks that lost a point or more were Wal-Mart Stores, 1 to 34 11/16; Dayton Hudson, 1 1/8 to 58 3/8; Mercantile Stores, 1 1/8 to 61 3/4; Proffitt’s, 1 3/16 to 55 3/8 and Talbots, 1 1/16 to 25 7/8.
In the apparel group, gainers included Gucci Group, up 5/16 to 42 13/16; Guess, 3/16 to 9 7/16; Liz Claiborne, 3/8 to 51 3/4, and St. John Knits, 3/16 to 41 15/16.
Losers included Polo Ralph Lauren, 5/16 to 24 13/16; Tommy Hilfiger, 7/8 to 45; VF Corp., 2 3/16 to 89 1/2 and Warnaco Group, 15/16 to 30 7/8.

load comments
blog comments powered by Disqus