RETAILERS SLIDE WITH DOW
NEW YORK — Disappointing second-quarter earnings and forecasts of a tough second half helped push the Dow Jones Industrial Average down 183.3 points, or 1.8 percent, to end the day at 10,241.12. The Nasdaq saw a similar 1.5 percentage point drop and ended the day down 29.3 points, at 1,959.24.
Apparel retailers went along for the ride. Federated Department Stores dropped $1.37, to close at $37.19, while The May Department Stores Co. fell 46 cents, to close at $32.29. Kohl’s Corp. slipped $1.68, to finish at $56.14.
Discounter Target Corp. fell 25 cents, to $36.75, while Kmart Corp. declined 12 cents, to close at $10.59. Wal-Mart Stores, a Dow component stock, managed to post a countertrend increase of 7 cents a share, to close at $53.10.
Specialty stores took their lumps as well. Ann Taylor Stores lost $1.61, to close at $31.20, while Chico’s FAS dropped $2.16, ending at $32.85. Gap Inc. deflated 91 cents, to $28.75, and The Limited lost 47 cents, to close at $16.56.