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NEW YORK - Shares of department stores plummeted Monday along with the broader financial markets after the House defeated a plan to bail out the financial services industry.
The Dow Jones industrials dropped as much as 705 points. On Monday afternoon, lawmakers voted down a plan that was different from what the Bush administration had originally proposed. Investors were hoping for a speedy approval of the package to ameliorate deteriorating credit conditions in the marketplace. Financial turbulence has rattled consumers at a critical time when stores are preparing for the holiday season.
Shares of Macy's Inc. fell $2.05, or almost 11 percent, to $17.35, while J.C. Penney Co.'s stock fell $2.49, or 7 percent to $33.02. Saks Inc., which operates Saks Fifth Avenue, fell 95 cents, or more than 10 percent, to $8.34. Kohl's Corp.'s shares fell $4.23, or more than 8 percent, to $44.90.
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