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).
In Tokyo, where markets open first and investors often set the tone for traders in Europe and then the U.S., the Nikkei 225 fell 1.3 percent, or 149.55 points, to 11,743.61.
For complete coverage, see Tuesday's issue of WWD.
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)
@heriethpaul and @gracebol have a moment on the @victoriassecret fashion show 2017. See every look from the runway on WWD.com. Link in bio. (📷: @giovanni_giannoni_photo) #wwdfashion #victoriassecret #VSFashionShow
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia