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.
EXCLUSIVE: @tomford is opening its first-ever beauty store. The boutique, which opens November 20 in London’s Covent Gardens, was designed with the over-the-top glam Ford is known for. Read the full story on WWD.com, link in bio. #wwdbeauty #wwdnews (📷: Simon Wagner) #TomFordBeauty
New York-based DJ @harleyvnewton threw a party to celebrate the holiday collection of her dress and pajama line @hvn at the Ladurée Beverly Hills. It Girls @katebosworth, @rashidajones and more joined in on the fun, which included cocktails, croque monsieur sandwiches and a photo booth. #wwdfashion (📷: Owen Kolasinski/BFA.com)
For the holidays, @Burberry partnered with 20-year-old artist @blondeymccoy on a series of three outdoor murals in downtown Manhattan. The murals are McCoy’s interpretation of a Christmas eve party, the idea of charity and the spirit of family. His third mural, pictured here, is the most personal. The image depicts McCoy’s grandparents and father in London’s Trafalgar Square in the Seventies. “My work often features lots of sentimental objects.” #wwdeye
For spring 2018, designers applied bold colors and cartoonish motifs on everything from sneakers and belts to key chains. See all the top men’s accessories trends on WWD.com. #wwdtrends (📷: George Chinsee; Prop Styling by @rnasti; Market Editor: @luiscampuzano)
The @dior-sponsored @guggenheim international gala pre-party has a history of drawing cool-girl musical acts to serenade the crowd –– and last night was no exception. @haimtheband performed songs both new and old, and lured a star-studded audience with the likes of Rebecca Hall, Kate Mara, Mamoudou Athie and more. #wwdeye (📷: @lexieblacklock)
In a partnership between the @metopera and the @englishnationalopera, “Marnie” was born. The opera, with costumes sponsored by @mrporterlive, is an adaptation of the 1961 thriller by Winston Graham. Arianne Phillips, who created the costumes, is no rookie: She’s styled Madonna for her tours and created costumes for a myriad of films in the past. Read WWD’s interview with Phillips, where she talks about her inspiration for the opera’s costumes on WWD.com #wwdfashion
@barneysnyc took a different approach to their holiday windows this year. Instead of Christmas decor, Barneys tapped @thehaasbrothers to tell a story of positivity, gratitude and inclusivity via heartwarming silliness and humor. “It’s about kids and it’s about coming together and being family and loving each other,” said Simon Haas. #wwdfashion (📷: @joshuascottphoto)
Beauty influencer @kandeejohnson makes her foray into hair care with a collaboration with @ogx_beauty — making it the first time that OGX has teamed up for a product creation. The collab includes shampoos and conditioners in three scents. At 39 and a mom, Johnson is a different profile than the emerging social media stars, but is considered one of the pioneers of the digital beauty influencer world. Read WWD’s interview with her on wwd.com, including the strangest beauty product she’s ever tried #wwdbeauty