NEW YORK (AP) - Shares of apparel makers closed lower Friday as investors
reacted to disappointing consumer confidence data and soaring oil prices.
The Reuters/University of Michigan consumer sentiment reading for May fell
to 59.5 -- the weakest reading since June 1980.
Meanwhile, the price of a barrel of oil spiked to $127.82 for a new trading
record on Friday. Escalating gas prices have squeezed consumers and hurt
retailers as shoppers have cut back on discretionary spending.
How shares of some apparel makers performed:
Jones Apparel Group Inc. fell 56 cents, or 3.2 percent, to $17.12.
VF Corp. slid $1.55, or 2 percent, to $77.21.
Polo Ralph Lauren Corp. declined 87 cents to $62.29.
Liz Claiborne Inc. dropped 92 cents, or 4.7 percent, to $18.62.
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