The S&P 500 set a new high today, but the retail components couldn’t keep up despite a better-than-expected reading on March consumer spending.
The S&P 500 Retailing Industry Group slumped 0.1 percent, or 0.45 points, to 745.06, as the S&P 500 just barely nudged past its previous high close from April 11. The index gained 0.7 percent, or 11.37 points, to 1,593.61. The Dow Jones Industrial Average also advanced 0.7 percent, rising 106.20 points, to 14,818.75. Losing ground in the retail index were Amazon.com Inc., down 2 percent to $249.74, and Kohl's Corp., 2 percent to $47.32.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)