1.78%XLF 20.53 6.48%QQQQ 45.97 2.38%
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NEW YORK (AP) - Shares of apparel makers declined Friday morning with the broader market, as investors looked past some encouraging housing data and focused on soaring oil prices.
Oil prices surged more than $3 a barrel, topping $127 for the first time Friday. Rising gas prices have squeezed consumers and hurt retailers as shoppers have cut back on discretionary spending.
Meanwhile the Commerce Department reported housing construction rose by 8.2 percent in April to a seasonally adjusted annual rate of 1.03 million units. The growth came from a big jump in apartment construction, while single-family home construction continued to decline.
How shares of some apparel makers performed shortly after market open:
Jones Apparel Group Inc. fell 70 cents, or 4 percent, to $16.98.
VF Corp. dropped $1.96, or 2.5 percent, to $76.80.
Polo Ralph Lauren Corp. slid $1.48, or 2.3 percent, to $61.68.
Liz Claiborne Inc. shed 98 cents, or 5 percent, to $18.56.
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