Retail stocks rose 1 percent Friday — regaining much of the ground lost earlier in the week — as the federal government moved to stabilize stock and credit markets by assuming responsibility for billions of dollars of toxic mortgages.
The 3.87-point gain in the Standard & Poor’s Retail Index left the measure at 394.24, just 3 percent below its level of one week ago and 5.5 percent above its close on Wednesday, when stocks sustained their biggest losses since the aftermath of the Sept. 11, 2001, terrorist attacks. The Dow Jones Industrial Average rose 368.75 points, or 3.4 percent, to close at 11,388.44, down just 0.3 percent for the week and 7.3 percent higher than on what some are calling “Black Wednesday.”
It was the government’s move to shore up the financial system and also stem the short-selling of financial stocks that appeared to reverse the market’s fortunes. Speaking of the bad credit that has fouled the credit world, Treasury Secretary Henry M. Paulson Jr. said Friday, “These illiquid assets are clogging up our financial system, and undermining the strength of our otherwise sound financial institutions. As a result, Americans’ personal savings are threatened, and the ability of consumers and businesses to borrow and finance spending, investment and job creation has been disrupted.”
The specifics of the plan are still being hammered out between the Bush administration and Congress. The Wall Street rally came with the hint of a bit of much-needed stability after a tumultuous week that included the bankruptcy of Lehman Brothers, sale of Merrill Lynch and a government takeover of American Insurance Group.
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)
@heriethpaul and @gracebol have a moment on the @victoriassecret fashion show 2017. See every look from the runway on WWD.com. Link in bio. (📷: @giovanni_giannoni_photo) #wwdfashion #victoriassecret #VSFashionShow
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia