Wall Street hit a new all-time high today as the Federal Reserve said it would continue to support the recovery and fears surrounding Cyprus’ debt troubles eased.
The S&P 500 Retailing Industry Group showed a fair amount of pep and was up 1.1 percent, or 7.93 points, to 718.87 as the close approached. The Dow Jones Industrial Average hit an intraday high of 14,546.82 and was up 0.4 percent, or 61.70 points, to 14,517.52in the final minutes of trading.
Among the retailers gaining ground were Target Corp., 3.3 percent to $68.63; Ann Inc., 2.9 percent to $30.89; Under Armour Inc., 2.6percent to $49.72; Tumi Holdings Inc., 2.5 percent to $23.92, and Urban Outfitters Inc., 2.5 percent to $40.38.
A Federal Reserve committee on monetary policy, which is led by Fed chairman Ben S. Bernanke, said the economy appears to have returned to “moderate economic growth following a pause late last year.”
“Labor market conditions have shown signs of improvement in recent months but the unemployment rate remains elevated,” the Fed said.
The central bank said it would continue to buy back debt, which helps keeps interest rates low and spurs on the economic growth.
In Europe, markets rallied as investor worries over the proposed Cyprus bailout subsided. The Cypriot parliament voted against controversial bailout measures proposed by the European Union and the International Monetary Fund that would have forced citizens with bank accounts to pay a levy in order to fund the 10 billion euro, or $12.93 billion, rescue.
Cypriot leaders engaged in talks with Russia, which might come to the rescue of the indebted island nation. After the levy idea was floated earlier in the week, investors feared a run on banks and their subsequent default.
The FTSE MIB in Milan was up 2.2 percent to 16,015.98 while the CAC 40 in Paris advanced 1.4 percent to 3,829.56. The DAX climbed 0.7 percent to 8,001.97, while the FTSE 100 in London was the only market that lost ground, falling 0.1 percent to 6,432.70. The pound traded at $1.51 against the dollar while the euro traded at $1.29 and the Swiss franc traded at $1.06.
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews