DOW JONES PLUMMETS 379 POINTS
Byline: Evan Clark
NEW YORK — Renewed turmoil in the Mideast and a profit warning from retail giant Home Depot helped drive the Dow Jones Industrial Average down 379 points Thursday, making a rough ride for most retail stocks.
Heightened tensions between the Israelis and the Palestinians and an apparent terrorist attack on an American Navy destroyer in Yemen, combined with Wall Street jitters about oil prices and Home Depot’s earnings, sent the Dow reeling to 10034.58, a 3.6 percent drop. The Nasdaq fell just under 3 percent to 3074.68.
Retail stocks felt the pressure, especially those that have had above-average stock performances in recent months. Those hit the hardest included Ann Taylor which closed down $1.19 to $29.75; Bebe, down $1.34 to $9.28; Christopher & Banks, down $3.13 to $34.75; Hot Topic, down $2.75 to $27.50; Kohl’s, down $2.56 to $53.06; Neiman Marcus, down $1.63 to $29.69; Sears & Roebuck, down $1.08 to $30.62, and Tiffany & Co., down $2.50 to $33.38. Talbots, perhaps the most resilient of retail stocks this year, dropped $5.38 to closed at $66.50, and Coldwater Creek declined $1.73 to finish the day at $21.27.
Retailers bucking the trend included Abercrombie & Fitch, up $1.25 to $22.25; J.C. Penney, flat at $8.88; American Eagle Outfitters, up 6 cents to $32.81, and Buckle, up 19 cents to $14.56; Claires Stores, up 44 cents to $17.25.
Among manufacturers, the newly offered Coach was down 88 cents to $16.88. Donna Karan’s stock dropped 38 cents to $5.50; Estee Lauder fell $1.13 to $35.38, and Gucci lost $3.63 to close at $98.
Jones Apparel closed at $25.19, down 94 cents; Liz Claiborne at $36.19, down $1.75; Nike at $38.38, down 56 cents; Reebok at $16.06, down 94 cents, and Polo Ralph Lauren at $18.06, down 81 cents.
Avon Products closed at $44.50, down 69 cents; Revlon, down 25 cents to $6.63.