Shoe stocks swung to a wider loss than benchmark indices Monday as fear over European debt sparked a global selloff.
U.S. equities started the day roughly but slowly pared some losses by session’s end. The S&P 500 opened 20 points down, but clawed back 10 points to finish 0.9 percent lower at 1,350.52 points.
Similarly, the Dow Jones Industrial Average tumbled more than 200 points at opening, then rose 100 to close at 12,721.46 points, or 0.8 percent lower.
In comparison, a basket of industry stocks tracked by Footwear News lost a median of 1.5 percent Monday, dragged down by heavy losers such as Deckers Outdoor Corp., Crocs Inc., K-Swiss Inc. and Skechers USA Inc.
Only four of 27 firms ended in positive territory: R.G. Barry Corp., Heelys Inc., Iconix Brands Group and DSW Inc.
Meanwhile, also on Monday, Spain’s borrowing rates hit a record high, heightening the risk it might need a sovereign bailout.
The yield on 10-year Treasuries hit all-time lows, signaling that traders were seeking the safety of American debt. The euro reached a two-year low against the U.S. dollar, and the price of crude oil dropped more than $3.50 per barrel to below $90.
Earlier in the day, Asian and European markets slid too. Japan’s Nikkei Stock Average lost 1.9 percent, while China’s Shanghai Composite fell 1.3 percent to its lowest close since March 2009. Hong Kong’s Hang Seng Index slumped 3 percent.
The Stoxx Europe 600 decreased 2.5 percent while Spain’s IBEX 35 index fell 1.1 percent. Italy’s FTSE MIB shed 2.8 percent.