The Treasury Department’s Sunday bailout of Fannie Mae and Freddie Mac removed one of the darkest clouds from the American financial horizon, sending stocks higher in the U.S. and abroad. The Dow Jones Industrial Average flirted with a 300-point gain before finishing Monday’s session up 290.43 points, or 2.6 percent, at 11,510.74, but retail stocks locked in larger gains, and nearly universal ones, from the rescue plan. The Standard & Poor’s Retail Index finished the day at 421.54, up 17.76, or 4.4 percent. Specialty retailers registered some of the biggest gains of the day. Talbots, Hot Topic, Coach and Guess made WWD’s list of strongest performers with gains of 9.4, 8.5, 7.3 and 7.2 percent, respectively. Dillard’s, with a 7.8 percent increase, was the sole department store operator to qualify, but Macy’s and Marks & Spencer both came close with increases of 6.9 and 6.2 percent, respectively. Among specialty issues, Zumiez (up 7.2 percent) and Pacific Sunwear (up 7 percent) qualified for honorable mention. Liz Claiborne also logged a strong day, finishing with a 7.1 percent increase at $18.24. Shares in Tokyo and Paris rose 3.4 percent, while those in London were up 3.9 percent.
“I see things on the hanger and I’m, like, ‘I never knew that color worked on me.’ It’s things you necessarily wouldn’t choose to wear, but once you put them on, you see why Janie is who Janie is." — Lily Collins on working with former "Mad Men" costume designer, Janie Bryant on creating looks for her role as Celia Brady's in Amazon series, "The Last Tycoon." 📸@jilliansollazzo #wwdeye
EXCLUSIVE: Sarah Rutson has been tapped to Build New American Fashion Group. The parent of Joie, Equipment and Current/Elliott hired the merchant to rev up its brands and expand its portfolio into designer, beauty and lifestyle categories. Read more on WWD.com, link in bio. #wwdfashion
Michael Kors' $1.3B Jimmy Choo deal has the company squaring off with Coach Inc. as both seek to build American powerhouses. Coach bought Stuart Weitzman in 2015 and Kate Spade just two weeks ago, but Michael Kors' acquisition may be putting pressure on its rival in the new push for scale. #wwdnews (📷: George Chinsee)
Meet actress Lucy Boynton, who plays opposite Naomi Watts in the recently released Netflix series "Gypsy." Boynton stopped by WWD to talk about her upcoming projects and her nomadic lifestyle. Get all the details on WWD.com. #wwdeye (📷: @dandoperalski)