S&P 500, Dow Lose Ground As Trade Rises

The major NYSE indexes stumbled Wednesday, giving back all of the previous session's gains.

The S&P 500 and NYSE composite fell 1.2%, while the Dow gave up 1.1%. Volume was a bit heavier than it had been during Tuesday's advance.

Guess GES sliced through its 50-day moving average intraday, but managed to close above that support level after recovering much of its loss. It finished down 1.95 at 51.45. Volume swelled to six times the usual level.

Late Wednesday, the clothing retailer beat estimates with fiscal second-quarter earnings of 40 cents a share, up 82% from a year ago. It also raised its 2008 profit guidance, but it was at the low end of analysts' expectations.

DSW DSW-- already well off its high -- shed 2.27 to finish at 28.81 as trade nearly tripled.

Kohl's KSS -- also already well short of its former peak -- dropped 1.75 to 55.26. Volume nearly doubled.

On Tuesday a UBS analyst lowered her target prices for department store stocks, citing the possibility of recession. But she maintained a buy rating on many of the best-known chains, saying the recession risk is already reflected in those stocks.

Willbros Group WG fell 1.82 to 27.20. The oil and gas services contractor has been swimming below its 50-day moving average line for nearly a month.

But not everyone had a lousy day. McAfee MFE climbed 0.83 to 37.86 as it broke out of a double-bottom base, moving past its 37.55 buy point. Volume was nearly two times heavier than usual.

The security software maker has scored some decent earnings and sales growth gains in recent quarters, although analysts expect that pace to ease.