Market Features
Fireworks Fail to Ignite June Sales (Update)
Exceptionally wet weather across the country during the month is also expected to drown results. Last week, Walgreen(WAG) and Rite Aid (RAD) said dreary weather hurt sales of season items. The drugstores posted a 3.4% increase and .6% loss, respectively.
Shares of retail companies were weighed down on anticipation of these soggy results. The S&P Retail Index fell 2% to 305.58 in afternoon trading. Some of the biggest decliners included Target(TGT), dropping 2% to $44.72, Nordstrom(JWN), slipping 3% to $18.67, American Eagle Outfitters(AEO), sinking 3% to $12.96 and Talbots,(TLB), shedding 4% to $4.45. But investors shouldn't panic just yet. The true measure of retail spending will arrive with the back-to-school season. If, at that time, parents are not willing to buy clothes for their children, it's unlikely they will be eager to spend come the all-important holiday season. Then you can go ahead and panic.TheStreet Premium Services
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note |
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|---|---|---|---|---|
| 12,393.45 | 1,310.33 | 2,827.34 | 15.81 |
Oil *
101.78
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26.41 |
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2.99 |
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10.02 |
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0.44 |
10 Yr
1.58%
SPDR Gold
151.62
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-0.21%
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-0.23%
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-0.35%
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-2.71%
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