Stocks end the day and week lower
U.S. stocks finished lower Friday, amid weak outlooks from retailers and as the dollar rallied on Greek debt jitters.
The Dow Jones industrial average dropped 93 points, or 0.7%. Earlier in the session, the blue-chip index slumped more than 100 points. The S&P 500 shed 10 points, or 0.8%, and the Nasdaq Composite lost 20 points, or 0.7%.
Gap shares tumbled 17.5% while Aeropostale's stock fell 14% after both companies lowered their full-year guidance, citing weaker demand and higher commodity costs. Gap shares were the worst performer on the S&P 500. Other retailers followed suit, with shares of Macy's, Urban Outfitters and Abercrombie & Fitch all sliding more than 2%. Shares of Polo Ralph Lauren and JC Penney fell more than 4%.
"When you see these retailers give numbers like this, you get concerned that the consumer is starting to give up some ground, with high oil prices and all," said Anthony Conroy, head trader at BNY ConvergEX.
Treasuries playing the waiting game
Treasury prices were little changed Friday, as investors sat on their hands ahead of a barrage of economic data coming next week.
The data dump will start Tuesday with a report on new home sales, and will be followed later in the week by data on initial unemployment claims, durable goods, GDP, personal income and spending, inflation and pending home sales.
And the Treasury Department will hold highly anticipated auctions of U.S. debt, starting with $35 billion in 2-year notes on Tuesday, $35 billion of 5-year notes on Wednesday and closing with $29 billion of 7-year notes on Thursday.
"Today it is likely to be a quiet one," Kevin Giddis, executive managing director at Morgan Keegan, wrote in a note to clients. "There are no economic numbers to be released and most traders seem to be comfortable sitting on the sidelines waiting for next week's supply."
–CNNMoney.com reporters Ken Sweet May, Charles Riley and Hibah Yousuf contributed to this report.
Good post Cricket,thank you.
circle cirle dot dot.. now i have my troll shot...
I only wear color under wear.
I do believe that Cricket sleeps in old granny cream colored pajamas.
I'm sorry Cricket. You don't have old granny jammies. You have burgandy lingerie and long stockings with garders. You look awesome to a straight guy. Feel better? Lend me the lingerie when your done I'm gay.
The problem with Gap and Old Navy and similar stores is that they aren't very fashion forward, they aren't as cheap as say, Target, and unless you weigh 180 lbs, you are unlikely to find any thing small enough to fit.
The real problem for retail right now is that people don't have the money to put gas in their cars to go to the Gap because they have no jobs.
End of story.
Of COURSE retailers are going to be hurt in these economic times, because their customer base is hurting too!
The world is a cricket, and I am the muscle of its legs.
Determining your eligibility for refinancing is similar to the approval process that you went through with your first mortgage, if you want the easy solution then the answer is "123 Mortgage Refinance"
I think the sad thing about our current economy is that there are 13.7 million people unemployed and when they cut those unemployment benefits those people would probably do more barbaric means to feed their families. If they ever cut the unemployment income then there will be like 13 million people shop lifting and committing crimes okay well maybe not all of them will do that but desperate times call for desperate measures and our government is setting up for a financial doomsday. I am 17 so at least I have a chance to maybe get a job but my hopes are not high neither is anyone else's of the graduating year of 2012. The current actions that have been made have ruined most teenager's futures for today which makes it even worse for our kids when we grow older and have them. Rich people can have all the money they want but money is an inanimate object and when you grow old it can't help you if you have fallen. The arrogance of today is tomorrow's failure the sooner people own up to their responsibilities the sooner this country will recover.
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