Retail stocks went into a steep dive Monday even before the House of Representatives voted down the revised fiscal bailout plan, 228 to 205.
The Dow Jones Industrial Average fell more than 700 points at one point prior to the completion of the vote but rebounded slightly afterward. After lawmakers rejected the plan, the Dow sat at 10,597.62, down 545.51, or 4.9 percent, as the final 70 minutes of the trading day approached, while the Standard & Poor's Retail Index was at 353.57, down 22.10, or 5.9 percent, at 2:30 p.m.
Stocks began the day sharply lower following news of the sale of Wachovia Corp.'s banking operations to Citigroup, and worldwide markets were lower and jittery in anticipation of the bailout vote, even as central banks propped up credit markets.
While declines were nearly universal, among the largest retail decliners as the final hour of trading approached were Dillard¹s (11.8 percent), Macy's (10.9 percent), Dillard's (10.1 percent) and Saks (9.9 percent).
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"