NEW YORK — Retail issues such as Neiman Marcus, Aeropostale and Urban Outfitters declined during Tuesday’s sell-off as investors fretted over the possibility of rising interest rates following a robust retail sales report from the government (see page 7).
The declines were broad and also reflected macroeconomic uncertainties that may be tugging away at investors. As a result, the Dow Jones Industrial Average plunged 134.28, or 1.28 percent, while the S&P 500 dropped 1.38 percent. But it was the retail segment — especially a few key luxury and specialty companies — that really took it on the chin.
At the bell, the S&P Retail Index showed a decline of 1.75 percent. Of the retailers tracked by WWD, most of the declines were in the 2 to 3 percent range. Trading was heavy.
One of the steepest declines was Aeropostale, which ended the day down 4.75 percent from the prior close to $32.47. Trading volume was 1.6 million, well above the stock’s three-month volume average of 668,000.
Meanwhile, specialty retailers Urban Outfitters Inc. and Cache Inc. finished the trading day with declines of 3.7 percent to $46.81 and 5.13 percent to $29.03, respectively.
At the high-end segment, department store Neiman Marcus Group Inc. finished the day down 3.62 percent to $51.15, also on heavy volume. Down steeply, too, was Zale Corp., which closed with a decline of 2.87 percent to $59.49.
— Arthur Zaczkiewicz