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.
@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)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)