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.
Breaking News: @louisvuitton's men's artistic director @mrkimjones is leaving the French fashion house after nearly 7 years. Jones joined Louis Vuitton in 2011, following a three year tenure as creative director of British luxury goods brand Alfred Dunhill. Jones is to exit Louis Vuitton after showing his fall 2018 collection for the brand in Paris on Thursday. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
For men’s fall 2018, @giuseppezanotti drew on elements from streetwear, sport, biker, combat and rock ‘n’ roll. Pictured here are a pair of shoes from the collection, featuring zippers, rhinestones, and silver hardware. Head to WWD.com to see a roundup of the accessories from Milan’s men’s fall 2018 shows. #wwdfashion (📷: Andrea Delb)
To celebrate the 25th anniversary of @ralphlauren’s snowboarding collection, the brand is mining its archives. The iconic brand is reintroducing vintage styles and dropping new designs for a color capsule that will be available in Ralph Lauren stores and @openingceremony on January 25. The capsule will consist of 10 pieces, including the Snow Beach Pullover, pictured here, which is a collector’s item that rapper Raekwon wore in Wu-Tang Clan’s “Can It Be All So Simple” video. #wwdfashion (📷: Tom Gould)
For @rochasofficial’s pre-fall 2018 collection, creative director Alessandro Dell’Acqua channeled the sophisticated and intriguing Catherine Denevue in the film “Belle de Jour.” Polished collarless coats, midi skirts, suits and ’60s graphic motifs were all featured in the collection, adding a sense of discreet luxury. See the rest of the photos on WWD.com #wwdfashion
“We tried to produce clothing of that couture quality, but the most daunting part was that we only had a matter of days [to do it],” said costume designer Lou Eyrich, who recreated Gianni Versace’s iconic looks for @americancrimestoryfx. Eyrich searched online retailers and vintage shops for original pieces from the design house and for @penelopecruzoficial, who plays Donatella Versace. Head to WWD.com to read how she created the Versace world. #wwdfashion
Only three months after her stellar debut catwalk season, @kaiagerber has inked her first big design collaboration –– with @karllagerfeld. The collection blends Lagerfeld’s Parisian chic aesthetic and the model’s signature West Coast casual style via RTW, accessories, footwear and more. The #KarlLagerfeldxKaia collection will launch in September with a series of events. Get all the details on WWD.com. #wwdnews #wwdfashion
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews