U.S. stocks made back some of the ground lost in morning trading but again finished with substantial declines.
WWD’s Global Stock Tracker ended the day off 0.7 percent at 106.16 and, with five consecutive declines behind it, has yet to post an increase in the new year.
The tracker’s 0.7 percent decline matched the descent of the Dow Jones Industrial Average, which fell to 17,371.64, while the S&P 500 was down 0.9 percent to 2,002.61 after surrendering the 2,000 level for a period during the day.
The S&P 500 Retailing Industry Group also struggled with a 0.9 percent loss, closing below the 1,000 mark at 997.05. It had closed above 1,000 every day since Dec. 18.
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Investors continued to fear the impact of crude oil’s continuing fall, which brought U.S. crude below $50 a barrel Tuesday, and the uncertain political and fiscal profiles of Greece and the European Union.
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The euro traded at $1.19 as investors weighed the possibility that a quantitative easing program might be necessary to bolster European economies, with the slide in oil contributing to already strong deflation fears and pressuring European stocks downward.
Shares of Coach Inc. slumped 1.2 percent to $36.30 following word that it had inked a deal to buy Stewart Weitzman from Sycamore Partners for up to $574 million, while Michael Kors Holdings Ltd. sustained the third largest decline among tracker stocks with an 8.4 percent drop to $66.87 following a downgrade to “neutral” from “outperform” by Credit Suisse based on concerns about escalating promotions.
The largest decline among tracker stocks came from American Apparel Inc., off 12.8 percent to 86 cents, followed by The Bon-Ton Stores Inc.’s 8.4 percent swoon to $6.75. In between Elizabeth Arden Inc.’s 6.7 percent decline to $18.93 and Avon Products Inc.’s 6 percent fall to $8.61, Vince Holding Corp. was down 6.2 percent to $22.76.
The dozen tracker equities with gains on the day were led by Debenhams plc, up 2.5 percent to 77 pence, or $1.18 at current exchange, followed by Abercrombie & Fitch Co.’s 2.2 percent advance to $28.88. J.C. Penney Co. Inc. moved ahead 1.9 percent to $6.56 during the day’s trading session but added more than 19 percent, to $7.82, in after-hours trading following its holiday update, in which it reported a 3.7 percent increase in same-store sales for November and December.
Anta Sports Products Ltd. shares were up 1.8 percent to 13.64 Hong Kong dollars, or $1.76, and Ted Baker plc shares grew 1.4 percent to 22.82 pounds, or $34.80.
European markets ended the day with losses, led by a 0.8 percent decline by London’s FTSE 100 to 6,366.51 and a 0.7 percent drop, to 4,083.50, by the CAC 40 in Paris. Milan’s FTSE MIB was down 0.3 percent to 18,143.26 while Frankfurt’s DAX flirted with an increase before ending the day off a fraction at 9,469.66.
Asian markets took their cue from the large declines on Wall Street Monday. The Nikkei 225 in Tokyo slid 3 percent to 16,883.19 and the Hang Seng Index in Hong Kong was down 1 percent to 23,485.41. Shanghai’s SSE Composite Index gained less than 0.1 percent to close at 3,351.45.