The economic outlook is just bad enough that investors are starting to think it looks good. With growth in the U.S. threatened by continued weakness in the job front and the debt crisis still clamping down on Europe, investors pushed up stocks today on the theory that the Federal Reserve might be ready to step in and help boost the economy. The Ben S. Bernanke-led Fed wraps up a two-day meeting on monetary policy Wednesday and is expected to weigh in with a statement midday. Ahead of that update, the S&P Retail Index rose 0.8 percent, or 5.19 points, to 627.05 as the Dow Jones Industrial Average increased 0.8 percent, or 95.51 points, to 12,837.33. The retail gainers included The Bon-Ton Stores Inc., which shot up 10.3 percent to $5.91 after agreeing to sell its credit card portfolio, and Zumiez Inc., which rose 4.6 percent to $41.16 after inking a $75 million deal to acquire Austrian retailer Blue Tomato. Also gaining ground were G-III Apparel Group Ltd., up 6.1 percent to $24.38; Sears Holdings Corp., 5.4 percent to $54.44; Michael Kors Holdings Ltd., 4.3 percent to $41.11, and Nordstrom Inc., 4.1 percent to $51.03. Shares of J.C. Penney Co. Inc. fell 8.6 percent to $22.25 as investors reacted to the departure of president Michael Francis. In Europe, markets gained ground even as traders kept close watch on borrowing costs for Spain. Investors have also been keeping close tabs on Italy’s borrowing costs, but were more bullish today than they have been. Milan’s FTSE MIB gained 3.4 percent to 13,445.46 as Frankfurt’s DAX rose 1.8 percent to 6,363.36, London’s FTSE 100 increased 1.7 percent to 5,586.21 and Paris’ CAC 40 advanced 1.7 percent to 3,117.92.
To celebrate Pride 2018, @themarcjacobs released the #GratefulNotHateful campaign, a social media initiative aimed at extending Pride beyond the parade. Inspired by Jacobs’ everyday outlook, the campaign features Jacobs along with a group of models and social media stars who are members and supporters of the LGBT community, all seen wearing @marcbeauty’s Highliner Gel Eye Crayons in colors of the rainbow. Head to our Instagram stories to see close-ups of the liner. #wwdbeauty
Virgil Abloh’s dad Nee and Don Crawley, cofounder of RSVP Gallery, were some of the hometown crew at the Chicago-born designer’s debut show for Louis Vuitton. (📸: @jdiderich ) #wwdmens #louisvuitton #virgilabloh
About last night: @marycharteris and @adwoaaboah hit up Hyde Park for the Serpentine Galleries’ annual summer party held in partnership with @chanelofficial. Head to WWD.com to see more photos. #wwdfashion
“This is Paris, my first show. I’m all about democracy. If some kid shows up, flew from New Jersey to just be around, let’s get him a seat.” — @virgilabloh tells WWD’s @jdiderich ahead of his first show for @louisvuitton men’s. (📸: @alfredo_piola ) #wwdmens #virgilabloh #louisvuitton
“Kate Spade was a true fashion icon who brought joy to the lives of women around the world, and inspired women to live life to the fullest. We are dedicated to carrying on her legacy,” said Anna Bakst, brand president and chief executive officer of @katespadeny. The Kate Spade Foundation announced that it will be donating $1 million to suicide prevention and mental health awareness in tribute to the recent death of Kate Spade. Read more on WWD.com. #wwdnews (📷: @chinseephoto)
A first look at @virgilabloh’s sneakers for @louisvuitton. Abloh spoke to WWD about his debut collection for Louis Vuitton, creating @kendalljenner’s #metgala outfit and redefining the heritage brand. Read the full story on WWD.com. #wwdfashion 📷: @alfredo_piola)
The world’s largest producer of denim @iskodenim is sharing the strategy behind its product development process. Read our full interview with ISKO’s product development manager Baris Ozden on the company’s extensive research practices, upcoming denim trends and the latest material innovations on WWD.com. #iskodenim