Recapping the day's news and newsmakers through the lens of CNBC.
The much talked about wealth gap is showing in retail purchase patterns, and could affect retail strategies and earnings if the division holds for long. Purchasers are polarizing, buying similar items like T-shirts at heavy discounters like Wal-Mart, or at higher-end stores like Barney's, where a designer model might cost 10 times as much. Deep discounters like Dollar Store are winners in this trend, which could be bad news for traditional department stores and other retailers aimed at the middle class.
"Looking to get back to the gym before the holidays? The 1 percent may go for Lululemon's $98 yoga pants... but the 99 percent probably is more prone to scoop up the $14.99 product at Target."—CNBC's Allison Linn
"We don't really expect people to go back to pre-recession behavior any time in the predictable future."—David Rabkin, senior vice president of consumer lending for American Express