Grocery Stocks Lead Price Declines
NEW YORK - Supermarket stocks dropped the farthest in an all-out plummet of retail stocks last week, and forecasts call for an even broader market decline, according to a report from CBS MarketWatch.
While stocks on the S&P Retail Index fell 2.2 percent to 287.97, Great Atlantic & Pacific Tea Co. dropped 7.2 percent to $9.75 and Winn-Dixie faltered by 4.9 percent, to $15.36. Food distributor Fleming, meanwhile, declined 8 percent, or 81 cents, to $9.29.
Dow Jones Industrials Wal-Mart and Home Depot weighed heavily on the index. Wal-Mart shares were down 2.4 percent to $52.20, while Home Depot dropped 1.5 percent to $34.24.
Bucking the trend was drugstore chain Rite Aid, whose 13-cent comeback to $2.23 represented a gain of 6.2 percent.
While stocks on the S&P Retail Index fell 2.2 percent to 287.97, Great Atlantic & Pacific Tea Co. dropped 7.2 percent to $9.75 and Winn-Dixie faltered by 4.9 percent, to $15.36. Food distributor Fleming, meanwhile, declined 8 percent, or 81 cents, to $9.29.
Dow Jones Industrials Wal-Mart and Home Depot weighed heavily on the index. Wal-Mart shares were down 2.4 percent to $52.20, while Home Depot dropped 1.5 percent to $34.24.
Bucking the trend was drugstore chain Rite Aid, whose 13-cent comeback to $2.23 represented a gain of 6.2 percent.