Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


While you were sleeping: Wall Street slips from record

While you were sleeping: Wall Street slips from record

June 20 (BusinessDesk) – Wall Street slipped, pushing the Standard & Poor’s 500 Index down from the previous day’s record-high close, as retail stocks including Coach slumped on disappointing outlooks.

In the final hour of trading in New York, the Dow Jones Industrial Average fell 0.23 percent, the Standard & Poor’s 500 Index slipped 0.15 percent, while the Nasdaq Composite Index retreated 0.44 percent.

Declines in shares of Nike, down 1.2 percent, and Exxon Mobil, down 0.9 percent, led the Dow lower.

Retailers took a beating. Shares of Coach slumped, last down 10 percent. Sales at its North American stores open at least a year will fall at a mid- to high-teens percentage rate in the year through June 2015, executives said Thursday on a conference call, Bloomberg News reported.

Shares of Pier 1 Imports sank, last down 13.3 percent, after the company downgraded its full-year earnings forecast.

“The retail environment remains highly promotional and is pressuring gross profit in the near-term,” Pier 1 Imports CEO Alex Smith said in a statement.

To be sure, shares of American Apparel climbed, last up 5.25 percent, after the company said it replaced Dov Charney as chairman and suspended him effective immediately from his positions as president and CEO because of “an ongoing investigation into alleged misconduct.”

The company said it notified Charney, American Apparel’s founder, of the intent to terminate his employment “following a 30-day cure period.” American Apparel appointed John Luttrell as Interim Chief Executive Officer.

"We take no joy in this, but the board felt it was the right thing to do," newly appointed co-chairman Allan Mayer said in a statement. "Dov Charney created American Apparel, but the company has grown much larger than any one individual and we are confident that its greatest days are still ahead."

The latest economic data offered further confirmation of strength in the recovery. Initial claims for state unemployment benefits fell 6,000 to a seasonally adjusted 312,000 for the week ended June 14, according to the Labor Department.

Separately, the Philadelphia Federal Reserve Bank’s business activity index climbed to 17.8 in June, the highest since September, and up from 15.4 in May, while the Conference Board’s US leading economic index rose 0.5 percent in May, following a 0.3 percent increase in April.

Oil continued its rise, sending Brent crude to its highest level in nine months, amid concern about a disruption in supplies from Iraq, OPEC’s No. 2 producer. President Barack Obama said the US will send military advisers to Iraq after receiving a request for help from the government as it battles insurgents in the northern part of the country.

Brent for August settlement climbed as high as US$115.27 on the London-based ICE Futures Europe exchange.

Gold and silver also advanced after the US Federal Reserve on Wednesday suggested it will keep interest rates low.

In Europe, the Stoxx 600 Index finished the session with a 0.6 percent increase from the previous close. The UK’s FTSE 100 added 0.4 percent, while France’s CAC 40 and Germany’s DAX both climbed 0.7 percent.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Industrial Action: Stats NZ Throwing Public Money Away Duplicating Data

The Public Service Association (PSA) says Statistics NZ are throwing money away by collecting the same data twice for official statistics such as the Consumer Price Index... As part of the ongoing industrial action, field interviewers who are PSA members are continuing to collect data, but are not sending it through to Statistics NZ. More>>

ALSO:

Other Stats:

Space: Rosetta's 'Philae' Makes Historic First Landing On A Comet

After more than a decade traveling through space, a robotic lander built by the European Space Agency has made the first-ever soft landing of a spacecraft on a comet. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news