RETAIL, APPAREL DROP IN DOW PLUNGE
NEW YORK — Pushed down by heavy losses in the technology sector, the Dow Jones Industrial Average plunged 67.55 points Tuesday to 5,130.13. Retail and apparel stocks were generally weak, but most of the losses were just fractional.
Rumors that the Washington budget talks had reached an impasse put downward pressure on the market through most of the afternoon, and after the market closed, suspension of the talks was confirmed.
Among the retail losers, Dayton Hudson dropped 1 to 76 1/8. Dean Witter Reynolds on Monday cut Dayton Hudson’s rating to neutral from buy. Other decliners were Ann Taylor, 3/8 to 11 1/8; The Gap, 1/2 to 45 5/8; Intimate Brands, 1/4 to 45 5/8; Kmart, 3/8 to 7 3/4; The Limited, 3/8 to 16 3/8; Neiman Marcus Group, 5/8 to 21 3/8 and Woolworth, 3/8 to 11 7/8.
There were a few gainers, notably Sears, Roebuck & Co., which picked up 3/4 to 42 1/4. Dillard Department Stores, Mercantile Stores and May Department Stores added 1/4.
In the apparel group, Nautica fell 3 3/4 to 33; Gucci slipped 1 to 34 1/2; Jones Apparel eased 3/4 to 38 1/2; Liz Claiborne was off 1/2 to 20; Tommy Hilfiger gave up 3/8 to 38 5/8, and VF Corp. dipped 5/8 to 51 1/4.