Women's apparel shares fall after Fed keeps rate

Shares of women's apparel retailers mainly fell on Tuesday, after the Federal Reserve kept a key interest rate unchanged, amid turbulence in the financial markets.

Economists had speculated that the Fed might cut the benchmark federal funds rate, the interest that banks charge each other for overnight loans, to calm investors. Since last September the federal reserve reduced the funds rate seven times, lowering it from 5.25 percent, where it had been for more than a year, down to 2 percent in April.

However, the Fed left the rate unchanged at 2 percent. But it also sought to give some reassurance by saying it expected its policy moves to foster moderate economic growth over time.

Shares dipped across the women's apparel sector.

AnnTaylor Stores Inc. shares fell 58 cents, or 2.4 percent to $23.83. Liz Claiborne Inc. shares fell 17 cents to $17.44. Charming Shoppes Inc. shares fell 14 cents, or 2.7 percent, to $4.99. Cache Inc. shares fell 17 cents to $12.21.