“Club of Knowledge Hunters”

Luxury retail shares fall in early trading

Posted by superstar23 on November 2, 2008

Shares of companies that cater to the luxury market fell in early trading Friday along with the overall market as investors registered their fears of a prolonged global recession.

When the market opened, the Dow Jones Industrials fell more than 400 points after overseas stocks took a nosedive due to a wave of profit warnings and more grim economic reports.

Retailers that depend on consumer spending have been hit hard by economic downturn. Consumers, even those that typically buy luxury goods, have cut back on spending due to the downturn in the housing market and pervasive fear that a recession could last for some time.

Shares of Tiffany & Co. dropped $1.74, or 7.3 percent, to $22.06, while Nordstrom Inc. shares dipped $1.11, or 6.6 percent, to $15.77.


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