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Strong Retail Sales Fail to Cheer Investors

Strong Retail Sales Fail to Cheer Investors

Strong Retail Sales Fail to Cheer Investors
August 16
02:59 2018
Booking.com



Americans headed out to the shops in force last month to update their summer wardrobes and gave the economy a boost — but that wasn’t enough to save retail on Wall Street Wednesday.
Despite a strong monthly sales report from the Commerce Department, investors zeroed in on Macy’s Inc., which saw its stock drop 16 percent to $35.15 after the department store lifted its full-year outlook, but still posted a slight sales decline the second quarter.
Macy’s troubles weighed heavily on the sector in what was already a down day for the market, with investors worrying over Turkey’s currency crisis and continuing trade tensions.
Among those hardest hit in retail were Dillard’s Inc., down 10.9 percent to $82.98; Guess Inc., 9.6 percent to $21.80; J.C. Penney Co. Inc., 8.7 percent to $2.41; Abercrombie & Fitch Co., 8.6 percent to $26.74; Urban Outfitters Inc., 7 percent to $45.33; Nordstrom Inc., 5.5 percent to $51.86, and Kohl’s Corp., 5.7 percent to $74.39. 
The Dow Jones Industrial Average finished the day down 138 points, or 0.5 percent, to 25,162, while the S&P 500 slid 0.8 percent to 2,818, its biggest one-day drop since June.
The day started out on a much more upbeat note with good news on the sales front.
Strong showings from specialty

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