RETAIL, APPAREL SAFE AS DOW TUMBLES 91.52

NEW YORK — Retail and apparel stocks escaped relatively unscathed as the Dow Jones Industrials plunged 91.52 points Tuesday, the largest decline since last February.
While some retail stocks were hit — Broadway Stores fell 3/4 to 11 3/8; The Gap dropped 1 1/8 to 36 7/8; Kohl’s was off 1 1/2 to 41 1/8, and Sears slipped 2 1/4 to 46 1/2 — others made fractional gains. May Department Stores was up 1/8 to 36 1/8; Wal-Mart added 1/4 to 23 1/2, and Dayton Hudson was up 3/8 to 78 3/4.
The Limited made the New York Stock Exchange’s most-active list, dropping 5/8 to 20 1/2 on a turnover of 3.5 million shares.
Among the apparel shares, most of the declines were fractional and there were a few advancers, including Fruit of the Loom, up 3/8 to 29 1/8, Liz Claiborne Inc., up 1/8 to 22 and Farah, up 1/8 to 8 1/2. VF Corp. slipped 1/8 to 49 5/8, while Warnaco eased 3/8 to 16 7/8.
The drop in the overall market was attributed to fears that the Federal Reserve will bring the economic recovery to a halt by driving up interest rates to fight inflation.

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