Stocks Fall as Euro Fears Rise

Stocks Fall as Euro Fears Rise
Traders on Wall Street.

Footwear stocks edged lower Monday as the market reeled from concerns of Greece’s possible exit from the single-currency euro area.

Political impasse in Greece not only drove U.S. equities to three-month lows, it also caused a basket of industry counters to close down a median of 0.7 percent.

Out of 30 stocks, four closed up, four stayed unchanged and 22 closed lower.

Bakers Footwear Group Inc. swung the lowest, ending the session down 24.7 percent at 55 cents a share.

Genesco Inc., Big Five Sporting Goods Corp. and Crocs Inc. were also among those that lost the most ground, from 3 percent to 4.4 percent.

Wolverine World Wide Inc., which has seen an uptick in its stock price since its May 1 acquisition of Collective Brands Inc.’s Performance & Lifestyle Group, slipped 1 percent in trading.

The biggest gainer was Iconix Brand Group Inc., which announced plans on Monday to repurchase its common stock during its blackout period, from June 11 to July 25, 2012.

Other firms that eked out a gain for the day were Skechers USA Inc., DSW Inc. and LaCrosse Footwear Inc., which advanced 0.5 percent, 0.2 percent and 0.2 percent, respectively.

Meanwhile, the Standard & Poor’s 500 stock index declined 15.04 points, or 1.1 percent, to close at 1,338.35, and the Nasdaq Composite shed 31.24 points, or 1.1 percent, to end at 2,902.58.

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