As colophon to a week to forget, stocks plunged in Wall Streetfor fifth day in a row, driving the Dow Jones Industrial Average to close down more than 500 points, as investors appeared to lose faith in the ability of the world's policy makers to revive the global economy and stave off a rolling debt crisis in Europe.
As highlighted by diverse analysts, slump of the past few weeks has driven the Dow down more than 11% from its April closing highs--putting the index officially in correction territory.
Despite the cloudy session, some companies such as Macy´s closed up Thursday, in this case after posting total sales of $1.612 billion for the four weeks ended July 30, 2011. The luxury department store celebrated an increase of 5.7 percent compared with total sales of $1.525 billion in the four weeks ended July 31, 2010. On a same-store basis, Macy's, Inc. sales were up 5.0 percent in July. These uplifting figures
"Our July sales performance once again exceeded our expectations and represented a continuation of the balanced success we have seen throughout the year. Store and online sales throughout the second quarter continued to be strong at both Macy's and Bloomingdale's. This
is especially encouraging given the comparison to our robust same-store sales performance in July and second quarter last year," said Terry J. Lundgren, chairman, president and chief executive officer of Macy's, Inc.
Just before the market opened in the US, Gap Inc. reported net sales for the four-week period ended July 30, 2011 of $949 million, just $1 million above last year´s same period ($948 million). The company’s comparable sales for July 2011, which include the associated comparable online sales, were down 5 percent compared with a 2 percent increase for July 2010. “While July proved to be challenging, we’re pleased that we grew net sales for the quarter and that we’re able to guide earnings per share above analyst expectations,” said Glenn Murphy, chairman and chief executive officer of Gap Inc.