Retail stocks under pressure on Wall StreetDecember 5, 2013 @ 6:53 am
NEW YORK (AP) - Stocks are mostly lower on Wall Street in early trading as retailers report poor results.
Aeropostale, Francesca's Holdings and The Wet Seal fell early Thursday after reporting lower income or issuing earnings forecasts that disappointed investors. Costco fell after reporting that its sales grew last month at a slower rate than analysts were anticipating.
L Brands, the owner of Victoria's Secret, Bath & Body Works and other retailers, fell after reporting that its sales dropped 5 percent last month.
The Dow Jones industrial average was down 38 points, or 0.2 percent, to 15,851 in the first few minutes of trading.
The Standard & Poor's 500 index was down five points, or 0.3 percent, to 1,787. The Nasdaq composite also fell five points, or 0.1 percent, to 4,033.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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