Wall St. Slides Amid Growing Hurricane Fears

Wall St slides amid growing hurricane fears
By Steve Johnson in New York
Published: September 21 2005 14:14 | Last updated: September 21 2005 21:29

Wall Street concluded a third successive day of losses as Hurricane Rita gained strength and energy prices rose on fears of further disruption of supplies.

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Avon Products , the cosmetics company, was the latest retailer to blame Katrina, and the resultant rise in fuel costs, as it cut its fiscal 2005 earnings forecast, just days after a similar move by rival Estée Lauder.

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The National Retail Federation warned that US holiday sales growth would slow to 5 per cent this year, compared with 6.7 per cent in 2004. Avon fell 11.8 per cent to $27, while department store group Sears fell 3.7 per cent to $115.15 and Wal-Mart, the world’s largest retailer, dipped 1.7 per cent to $42.49. The S&P Retailing index has fallen 12.6 per cent since late July.

“We are seeing the effect of dwindling consumer sentiment numbers, zero savings on a personal level, debt and an economy teetering on the brink of slowing down,” said Chris Johnson, director of quantitative analysis at Schaeffer’s Investment Research, who said that non-specialist retailers could see more selling pressure.

http://news.ft.com/cms/s/7e7d9d70-2ac2-11da-817a-00000e2511c8.html

Parasites aren't getting their cut. Waaah!

...out of the working American. Expect more layoffs and general belt-tightening.

Boohoo indeed.

to forcibly lower wages.

Chanel? et al? Gee, ya think a lot of people have their minds on something besides the next new eyeshadow color?

These hurricanes are just a convenient scape-goat for the mess the republicans have ALREADY put us in....not to mention that Katrina and Rita are going to have the effect of blowing their cover out of the water!

Republicans aren't just BAD LUCK: The republicans are EVIL!

:kick::kick::kick:

to be felt and their shaking in their boots already? What will they do when shit really hits the fan?