Investors focused on the impact of Black Friday markdowns on fourth-quarter profits and pushed retail shares down a record-breaking 9.3 percent on Monday.
The Standard & Poor’s Retail Index fell 24.41 points to 238.34 and registered its largest percentage drop since the index was recalibrated in June 2002. The measure of retail shares has logged its 13 steepest declines since the credit crisis began in September.
The retail sector wasn’t the only one hit Monday, as the overall Dow Jones Industrial Average dropped 679.95 points, or 7.7 percent. The broader Standard & Poor’s 500 stock index declined 8.9 percent to 816.21, and the Nasdaq was down 9 percent...
Retail Shares Plummet In Record Decline
Retail Shares Plummet In Record Decline
by
Posted Tuesday December 02, 2008
From WWD Issue 12/02/2008
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