USA: US retail - indexing worries in the sector - COMMENT
The S&P Retail Index (RLX) has fallen amid retail sales fears. Given the fears of US recession, the fall comes as little surprise. Indeed, some see the 16% fall in the RLX as a lucky escape compared to the 62% fall in the NASDAQ. But the non-tech stocks in the RLX have bolstered its average substantially - retailers may not be as badly off as many think. The right fiscal policy could bring a reversal in the sector's decline. In light of Monday's significant stock market drops, the S&P Retail Index (RLX) closed down 3.9% to end at 849.14 points on Monday. This comes after US retail sales fell 0.2% to $274.5 billion in February on the back of an upwardly revised 1.3% gain in January. Combined, these sales matched overall expectations, but the trend remains downward.
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