Retail shares fell a record 7.9 percent Thursday as investors continued to trade on economic and credit fears and the industry pondered how to adapt to the financial meltdown.
The Standard & Poor’s Retail Index plunged 23.89 points to 276.88. The top five declines since the index was recalibrated in mid-2002 have all occurred over the last three weeks as the credit crunch spread overseas and unprecedented steps to add liquidity to the market failed to sooth investor psychology.
The Dow Jones Industrial Average sank 7.3 percent, or 678.91 points, to close at 8,579.19. Over the last 12 months, the Dow is down 39.4 percent and retail shares have lost 43.5 percent of...
An Unwanted Record: Retail Share Index in Biggest-Ever Drop
An Unwanted Record: Retail Share Index in Biggest-Ever Drop
by
Posted Thursday October 09, 2008
Last Edited Monday October 13, 2008
From WWD.COM
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