U.S. stocks fell for the week, giving benchmark indexes their biggest loss since January, as mounting tensions in Ukraine and signs of a slowdown in China overshadowed reports showing an improving American economy.
Urban Outfitters Inc., the retailer that rehired co-founder Richard Hayne as chief executive officer this year, rose in late trading after reporting first-quarter profit that beat analysts’ estimates on record sales.
Urban Outfitters Inc. fell the most in three years after saying Glen Senk resigned as chief executive officer and that co-founder Richard Hayne would take over to try to reverse the retailer’s yearlong profit decline.
Urban Outfitters Inc., the operator of more than 400 stores under brands including Anthropologie, is looking to Amazon.com Inc. as an example as it works to generate half its sales online, said Chief Financial Officer Frank Conforti.
Most U.S. stocks advanced, sending the Standard & Poor’s 500 Index higher for a third day, as a rally in banks helped the market recover from an early slump spurred by growing signs Europe may slip into a recession.