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Sector snap: Cosmetics companies fall



By AP
29 September 2008 @ 03:58 pm EST

NEW YORK - Shares of cosmetics companies followed Wall Street lower after lawmakers rejected a $700 billion emergency rescue plan for the banking industry.

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Quotes
REV 6.96 -0.36
LIZ 1.79 0.14
AVP 19.65 1.27
EL 25.65 0.93

SYMBOL LOOKUP

The Dow Jones industrials sank more than 735 points as investors worried that the failure of the government's financial rescue plan in the House will exacerbate the current economic credit crisis.

The House of Representatives defeated the proposed rescue package 228-205, despite pleas from President Bush and bipartisan congressional leaders to help the slumping financial industry.

Shares of Revlon Inc. slipped 12 cents to $13.90, and shares of Liz Claiborne Inc. declined $1.29, or 7.8 percent, to $15.79.

Shares of Avon Products Inc. declined $1.66, or 4.1 percent, to $39.97, and shares of Estee Lauder Cos. slipped $2.36, or 4.6 percent, to $48.52.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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