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.
My character, Dinah Madani, is just the coolest, [most] badass woman imaginable," says @amberroserevah. The actress stars in @marvel's newest series on @netflix, @thepunisher. To prepare for her role, Revah sat down with Homeland agents to get a real sense of with Dinah's day-to-day life is really like. Read our full interview on WWD.com. #wwdeye (📷: @jilliansollazzo)
A scene from the 91st annual @macys Thanksgiving Day Parade. The parade, which boasts 50 million TV viewers and 3.5 million on-site spectators, is considered one of the largest and most watched parades in the world. (📷: Jason Szenes/EPA-REX)
The circus came to @bloomingdales 59th Street on Tuesday night and lit up Lexington Avenue with acrobatic dancers, death-defying knife throwing, sword swallowing and aerial acts with no net. The 45 minutes of theatrics built up to unveiling the holiday windows depicting @swarovski crystal-encrusted circus pieces and scenes from “The Greatest Showman” – songs from the soundtrack included. See the rest of the photos on WWD.com #wwdfashion (📷: Joshua Scott)
The psychedelic fashion that pervaded the ’60s is back with an exhibit at the @museumofcityny. “Mode New York: Fashion Takes a Trip” chronicles the changing styles from 1960 through 1973 and features designers such as @ysl, @oscardelarenta and more. The exhibition, which is on display through April 1, is organized into four periods: First Lady Fasion, Youthquake, New Bohemia and New Nonchalance. Pictured here is model Pat Bardonella during the Garvey Day Parade in 1968. (📷: @kwamebphoto) #wwdeye #wwdfashion
“People should be a lot more honest in expressing both the dark and light of themselves. We need to give each other the space to do that because it’s the only way we can grow and evolve,” says @noelwells of her new film “Mr. Roosevelt,” which is largely based on her own struggles. Unexpectedly leaving @nbcsnl in 2014 after just one season, Wells felt set back in her self-esteem and career trajectory. She quickly refocused her energy to more personal projects, which led to the completion of “Mr. Roosevelt.” Read the rest of WWD’s interview with the “Master of None” actress on WWD.com #wwdeye (📷: @jilliansollazzo)
@barbrastreisand is giving fans a chance to see her perform up close in a new concert series, which makes its debut on @Netflix today. From behind-the-scenes takes to her concert performance in Miami last December, the two-hour streaming special captures Streisand in her element. Pictured here is the singer/actress photographed for WWD in 1963. (📷: Palmieri Tony) #wwdeye #wwdarchive
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)