By and  on October 8, 2013

Retail stocks logged their sharpest drop since June on Wall Street today as President Obama warned that a “very deep recession” could be in the offing if lawmakers allowed the country to default on its debts.

The S&P 500 Retailing Industry Group fell 2 percent, or 16.57 points, to 826.48, leading the Dow Jones Industrial Average, which declined 1.1 percent, or 159.71 points, to 14,776.53. The Dow is now off more than 900 points since Sept. 18.

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