Investors shrugged off a raft of bank downgrades from debt watchdog Moody’s Investors Service and pushed stocks higher today.
The S&P Retail Index gained 0.6 percent, or 3.64 points, to 609.21 as the Dow Jones Industrial Average increased 0.5 percent, or 67.21 points, to 12,640.78. Among those perking up were Michael Kors Holdings Ltd., up 3.7 percent to $42.86; Fifth & Pacific Cos. Inc., 2.8 percent to $10.73; The Bon-Ton Stores Inc., 2.7 percent to $6.57; VF Corp., 2.6 percent to $143.56, and Lululemon Athletica Inc., 2.4 percent to $64.69.
Moody’s downgraded 15 global banks including Goldman Sachs, Morgan Stanley, J.P. Morgan Chase and Credit Suisse, but the action was widely expected and not as stringent as some feared. Europe’s indices all ended the day in the red as investors kept their focus on the still-worrying debt crisis and the state of the region’s economy. The Ifo Business Climate Index in Germany continued to fall in June — dropping to 105.3 from 106.9 in May — although retailers were feeling more optimistic.
The DAX in Frankfurt closed down 1.3 percent to 6,263.25, while the FTSE 100 in London was down 0.95 percent to 5,513.69. The CAC 40 in Paris finished down 0.8 percent to 3,090.90 and the FTSE MIB in Milan lost 0.7 percent to 13,662.80.
The leaders of Germany, France, Italy and Spain met in Rome before next week’s summit on Europe’s financial crisis, and supported a plan to launch a 130 billion euro, or $168 billion growth package. The sum is worth around one percent of Europe's GDP, but wasn’t enough to cheer investors.
The decliners included Safilo Group, down 5.3 percent to 4.68 euros; Ferragamo, 3.9 percent to 16.61 euros; Swatch Group, 3.9 percent to 64.35 Swiss francs, and Richemont, 3 percent to 52.30 Swiss francs.
The few that registered gains included Brunello Cucinelli, up 1.7 percent to 11.25 euros; Carrefour, 0.1 percent to 14.43 euros, and Hennes & Mauritz, up 2 percent to 246.20 Swedish krona.
The pound traded for $1.57 against the dollar Friday, while the euro traded for $1.26, the Swiss franc for $1.05 and the Swedish krona for 14 cents.
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