Stocks retreated rapidly in early trading Tuesday as the strength of the dollar hurt sales comparisons and dented earnings outlooks for blue-chip firms reporting quarterly results.
In the first hour of trading, the Dow Jones Industrial Average slid 352.42 points, or 2 percent, to 17,326.28 while the S&P 500 surrendered 32.35 points, or 1.6 percent, to drop to 2,024.74. Retail issues, less subject to currency fluctuation, felt less of an impact as the S&P 500 Retailing Industry Group lost 9.34 points, or 0.9 percent, to 1020.97.
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Among the earnings and outlook disappointments early Tuesday were The Procter & Gamble Co., with shares down 3.2 percent to $86.68, and DuPont, off 2.4 percent to $72.31.
Among fashion firms most affected by currency translation, Ralph Lauren Corp. shares were down 2.1 percent to $165.67, The Estée Lauder Cos. Inc. was down 1.8 percent to $71.52, Nike Inc. receded 1.8 percent to $94.66 and VF Corp. was off 1.6 percent to $70.38.
Among a handful of equities on the rise were Inter Parfums Inc., ahead 3.2 percent to $25.36, and Express Inc., up 1.5 percent to $13.19.
Inter Parfums said late Monday that currency translation would reduce hurt its sales performance in 2015 but help its earnings performance.
Coach Inc., originally scheduled to report second-quarter results today, has rescheduled the release for Thursday morning. Its shares fell 1.5 percent to $36.55.