Wall Street and retail stocks rallied today after stronger-than-expected readings on consumer confidence and the U.S. job market as well as mainly solid results from companies reporting October comparable-store sales.
The S&P 500 Retailing Group rose 0.9 percent, or 5.96 points, to 649.86, as the Dow Jones Industrial Average increased 1 percent, or 136.16 points, to 13,232.62.
The gainers included Aéropostale Inc., up 10.5 percent to $13.21; The Bon-Ton Stores Inc., 10 percent to $13.49; Abercrombie & Fitch Co., 8.7 percent to $33.23; Hot Topic Inc., 8.5 percent to $9.20; Macy's Inc., 6.4 percent to $40.52, and Tiffany & Co., 4.8 percent to $66.27. The Conference Board said its Consumer Confidence Index rose to 72.2 last month from 68.4 in September and now sits at its highest level in five years.
The index was helped along by an improving job market. And the Labor Department backed that up to some degree, noting initial jobless claims fell by 9,000 last week to 363,000.
European stock markets likewise surged upward, based on both the strong U.S. economic reports and a rise in China’s October purchasing managers’ index, which measures the manufacturing sector.
China's National Bureau of Statistics said that the PMI nosed up to 50.2. It is the first reading above the 50 level, which indicates expansion, since the summer, an important shift for the world’s second-largest economy.
The FTSE MIB in Milan was up 1.7 percent to 15,806.73 while the FTSE 100 in London and the CAC 40 in Paris each climbed 1.4 percent, to 5,861.92 and to 3,475.40, respectively. The DAX in Frankfurt was up 1 percent to 7,335.67.
Among the day’s biggest gainers were Burberry Group, which climbed 4.2 percent to 12.15 pounds; Ferragamo, 4.5 percent to 16.37 euros; Swatch Group, 4 percent to 70.35 Swiss francs; Asos.com, 2.8 percent to 23.19 pounds, and Brunello Cucinelli, 2.1 percent to 13.94 euros.
Compagnie Financiere Richemont rocketed up 4.9 percent to 63.35 Swiss francs after Bank of America Merrill Lynch upgraded its rating on the stock to "buy" from "underperform,” citing its high exposure to Asia as an advantage.
The euro traded at $1.30 versus the dollar, while the pound traded at $1.61, and the Swiss franc traded at $1.07.
In honor the @CFDA’s announcement of @iamnaomicampbell receiving the Fashion Icon Award at the 2018 #CFDAAwards, which will take place on June 4, here’s a #tbt of the supermodel on @michaelkors’ runway in 1991. #wwdfashion #wwdarchive (📷: George Chinsee)
“I was making the guacamole when my scout saw me,” says model @stuckinteenage on being discovered just six months ago while working at @chipotlemexicangrill. Since then Williams has signed with @dnamodels, walked in her first show at @calvinklein and landed on the cover of @vogueitalia – a high point of any model’s career. To read @lisajlockwood’s full interview with the model on her experiences thus far, head to WWD.com – link in bio. (📷: George Chinsee)
“I love the idea of dialogue, period. It’s where I’ve always gotten my inspiration from: hearing other women speak, their journeys and their paths,” said @hereisgina, who delivered the keynote speech during @sxsw for @createcultivate in partnership with @fossil. For her two panels, Rodriguez chose female empowering, female-led and female entrepreneurs to focus on. Head to WWD.com to read more about her thoughts on Time’s Up, growing up in a family of women and why we “need a girls’ club.” #wwdeye #sxsw (📷: @jgreenery)
Leading luxury brand are shaking things up to keep up with streetwear. Case in point: the arrival of @mrkimjones as artistic director of @diorhomme. Jones, who succeeds @Kris_Van_Assche, is seen as one of the handful of designers who can actually straddle the luxury and streetwear worlds — which could lead to even more changes at established brands. What could this mean for the rest of the menswear landscape? Head to WWD.com to find out what experts predict #wwdfashion (📷: @franckmura)
“It’s like buying groceries. You’re going to buy the best mango, the best mozzarella, the best things. You have to, or others are going to take it all,” said @gabrielahearst on why she uses only the finest fabrics. Last week, Hearst received her first @cfda nomination for Womenswear Designer of the Year, and earlier this month she opened a permanent showroom in Paris. To read @jessiredale’s interview with the designer and find out why this is shaping up to be a big year for her, head to WWD.com. #wwdfashion (📷: @francoisgoize)
“It’s an interesting thing, playing a younger version of your mother. It’s an interesting concept. I adore my mom and love her in every capacity, but it was just something that had never crossed my mind,” says @anniemstarke on playing a young Joan Castleman in “The Wife.” The same role will be played by her mother Glenn Close. Read more about her growing up in the film industry as the daughter of producer John H. Starke and Close and what she has planned for the future #wwdeye (📷: @nataliamantini)
@asics is launching a new streetwear sneaker inspired by its latest ambassador, @steveaoki. The Hyper-Kenzen x Aoki, which will launch at @footlocker stores exclusively tomorrow, is a slip-on style that incorporates the brand’s proprietary Gel technology through beads integrated into the midsole for comfort and endurance. Read the full story on WWD.com.