Signs of continued credit concerns and losses among major banks Tuesday worried investors, who pushed the overall market lower and sent retail and fashion stocks along for the slide. The benchmark Dow Jones Industrial Average fell 1.2 percent to 11,642.47, and even another drop in the price of oil to $113 a barrel wasn’t enough to perk up the markets. The Standard & Poor’s Retail Index slipped 1.4 percent to 394.43 after two trading sessions with solid gains.
Still, the market was, at times, willing to reward those with good news. Among the top gainers in the fashion sector was Fossil Inc., reporting a 71.3 percent rise in profits, and NexCen Brands Inc., the owner of Bill Blass, which on Monday got a bit of financial breathing room from its lender. Retail might help drive the market on Wednesday after investors get a look at July sales from the Commerce Department.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)