STOCK DROP SPARES APPAREL

NEW YORK — Retail and apparel stock prices were spared the worst of the stock market’s heavy losses on Monday, the 72nd anniversary of the 1929 crash.
The Dow Jones Industrial Average ended down 275.67 points, or 2.9 percent, to 9,269.50; The Nasdaq Composite Index plunged 69.38 points, or 3.9 percent, to 1,699.58 and Standard & Poor’s Index fell 27.13 points, or 2.5 percent to 1077.48.
Profit sharing and anxiety over upcoming reports about earnings and the economy, starting with Tuesday’s Consumer Confidence Index, were the main ingredients behind Monday’s losses. Concern about military actions in central Asia and the stability of the Argentine economy also worried investors.
Specialty retailers feeling the selling pressure included Gap, which closed at $13.02, down 88 cents; Abercrombie & Fitch, $19.34, down $1.06; Chico’s, $27.82, down $2.17, and Talbot’s, $29.70, down $1.50. Among broader-line retailers, Kohl’s closed at $57.32 down $1.67; Nordstrom, $14.90, down 64 cents; May Department Stores, $32.01, down $1.18; Neiman Marcus, $26.90, down $1.28; Saks, $7, down 42 cents; Target, $30,20, down $1.25, and Wal-Mart, $51.90, down $1.52.

load comments
blog comments powered by Disqus