Stocks pared earlier losses Friday after another shake-up in the White House. As Fred Katayama reports, shares of sport apparel makers and sports retailers got slammed.
Wall Street mounted a comeback Friday from earlier losses but finished in the red. Sparking the rebound: President Donald Trump fired White House adviser Steve Bannon. Critics had accused the economic nationalist of harboring anti-Semitic and white nationalist sentiments. The major indexes lost ground for the week. Ken Kamen of Mercadien Asset Manavgement: SOUNDBITE: KEN KAMEN, PRESIDENT, MERCADIEN ASSET MANAGEMENT, (ENGLISH) SAYING: "The market's saying, maybe if things are going to straighten out a little bit now, maybe the president's agenda could start moving through Congress. That's still a lot to be seen yet, but I think that's the sentiment." Shares of sporting goods retailers and makers got slammed. Foot Locker and Hibbett Sports reported dismal quarterly same-store sales. That dragged down fellow retailers Big Five and Finish Line, as well as shares of suppliers to Foot Locker, UnderArmour and Nike, which was the biggest drag on the Dow. Deere's shares dropped. Sales rose but missed Wall Street's forecasts for the second straight quarter. European shares broke their three-day win streak, driven lower by bank and energy stocks.