financial
financial

Wall Street Surrenders Friday’s Early Gains

WWD Composite Stock Index drops 2 percent as morning advances evaporate prior to the weekend; Zumiez, Talbots and Sears down sharply.

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financial/news
Wall Street lost its momentum on Friday, giving up earlier gains, as investors remained cautious heading into the weekend.

The Dow Jones Industrial Average fell 1.4 percent to 12,207.17, while the broader S&P 500 dropped 1.6 percent to close at 1,330.58. The S&P Retail Index declined 2.8 percent to 394.69.

The WWD Composite Stock Index, which tracks retailers, manufacturers and beauty firms, fell 2 percent.

Discounters Wal-Mart Stores and Target continued trading lower. Wal-Mart lost 1.8 percent to close at $48.05, while Target fell 2.5 percent to $51.67.

Action sports apparel retail Zumiez plunged 9.3 percent to $17.44, while specialty retailer Talbots sank 5.9 percent to $7.69.

Sears Holdings Corp. dropped 5.7 percent to $99 after the department store said it would close two stores in Hollywood, Calif., and New York City for “business reasons.”

J.C. Penney Inc. was also down, falling 2.8 percent to $42.41, while Kohl’s Corp. declined 2.9 percent to close at $41.84.

One of the few bright spots was Gottschalks Inc., which made the New York Stock Exchange’s list of biggest gainers, increasing 6.6 percent to $2.41.
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