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Dow, S&P Fall As NYSE Trade Vaults Higher.(B)
Byline: IBD STAFF
NYSE stocks sold off Monday, marking their first distribution day since the recent rally began on March 12. The Dow shed 1.9%, the S&P 500 1.8% on higher volume than Friday's.
Apparel makers had a mixed day. Quiksilver fell below 30 early in the day before closing with a loss of 0.77 to 30.62 on brisk trade. The maker of surfwear, snowboard wear and sportswear said last week it plans to split its shares 2-for-1 on May 8. Despite Monday's loss, Quiksilver has gained 15% so far this year.
Abercrombie & Fitch looked headed for a similar loss. But the maker of casual apparel bounced off its 50-day moving average to close with a gain of 1 point to 30.03 on nearly twice its usual turnover. The firm is featured in today's NYSE Stocks In The News.
Sporting goods, apparel and shoemaker Dick's Sporting Goods added 0.36 to 22.91, closing 3% off its high. The stock has carved a four-month base after running up from its Oct. 16 IPO price of 12 a share.
Back to the downside, Boston Scientific fell for the fourth straight session on above-average volume, down 1.10 to ...
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