So far today, Dow has slipped 38 points, now at 12,567.
NEW YORK (AP) — Stocks slid Friday on signs that U.S. consumer
demand may be weakening and fears about the Greek debt crisis.
The Dow Jones industrial average fell 78 points, or 0.6 percent, to
12,527 in afternoon trading.
The Standard & Poor’s 500 index fell 9, or 0.7 percent, to 1,334.
The Nasdaq composite fell 22, or 0.8 percent, to 2,801.
Gap Inc. plunged 17 percent after reporting late Thursday that its
costs for raw materials rose faster than expected, hurting its
quarterly profit. The national clothing chain also cut its forecast
for what it would earn in the full year.
Gap’s sales have been sluggish, a worrying sign for investors who
are counting on shoppers to lead a recovery in consumer spending.
Gap’s results pushed down other clothing companies who have been
hit hard by the rising price of cotton and shoppers who are
reluctant to splurge. Four of the five worst-performing stocks in
the S&P 500 Friday were retailers. Urban Outfitters Inc. fell 5
percent. Ralph Lauren Corp., Limited Brands Inc., and VF Corp. also
fell.
Other retailers have also been struggling. On Thursday Big Lots
Inc. fell 9 percent after news reports that it had decided not to
sell itself to private equity firms.
One exception to the retailer gloom was Barnes & Noble Inc. The
bookseller jumped 29 percent after announcing late Thursday that
Liberty Media Corp. had offered to buy the company for $1 billion
in cash.
