Wall Street got hammered Monday following growing concerns over the financial health of Fannie Mae and Freddie Mac as shares of the two mortgage giants dropped more than 20 percent to their lowest levels in nearly 20 years.
The Dow Jones Industrial Average tumbled by 180.51 points, or 1.6 percent, to 11,479.4. The S&P 500 fell to 1,278.60, down 19.60, or 1.5 percent, while the S&P Retail Index declined to 393.74, falling 6.58, or 1.6 percent. Few retailers escaped the carnage. The few that did included Tween Brands, up 48 cents, or 5 percent, to close at $10; American Apparel Inc., which saw its shares climb to $8.59, up 39 cents, or 4.8 percent, and New York & Company, rising to $10.56, up 33 cents, or 3.2 percent. Another was American Eagle Outfitters, which rose 17 cents, or 1.2 percent, to close at $14.42.
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)