Shaken Credit Markets push down Saks stocks

In response to the housing market, the subprime lending debacle, and the imminence of a downturn in the private equity market in the U.S this past August, stock prices declined worldwide. Due to the high correlation between swings in economic cycles and luxury consumption, Saks, a luxury retailer, saw substantial decline in its stock prices as did many U.S financial services firms.

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