The continuing decline of crude oil acted like an economic stimulus package on Monday, pushing retail stocks to their highest levels since June. The Standard & Poor’s Retail Index rose 18.14 points, or 4.8 percent, to close at 400.06, its first trip across the 400 threshold since June 17. The index hadn’t ended a session above the 400 mark since June 5.
The Nasdaq Composite closed up 1.1 percent to 2,439.95, but the Dow Jones Industrial Average was up 0.4 percent to 11,782.35 and the S&P 500 rose 0.7 percent to 1,305.31. Oil began the day higher on fears over the effect of the conflict between Russia and Georgia, but then resumed its slide, with a barrel of crude falling briefly to $113, after the dollar continued to strengthen and China reported a drop in oil imports. With prices continuing to come down at gas pumps in the U.S., the effect on retail stocks was dramatic and sustained.
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"