U.S. retail stocks were outpacing the market in midafternoon trading on Wall Street, where it was generally business as usual even as the effects of winter storm Nemo began to be felt in New York.
The S&P 500 Retailing Industry Group was up 0.7 percent, or 4.77 points, to 703.90, as the market approached the final hour of trading. The sector was comfortably outperforming the Dow Jones Industrial Average, which was up 0.3 percent, or 44.27 points, to 13,988.32.
Both retail stocks and the market overall are near their all-time highs, in part because the economy is projected to steadily improve even though it was unexpectedly weak in the fourth quarter when a cut in military spending weighed on GDP.
The gainers in the fashion industry included Guess Inc., up 3.8 percent to $28; Quiksilver Inc., 2.4 percent to $6.78; Columbia Sportswear Co., 2 percent to $50.53, and Iconix Brand Group, Inc. 1.4 percent to $24.03.
In Europe, stocks rallied, led by the Italian and French markets.
The FTSE MIB in Milan and the CAC 40 in Paris were both up 1.4 percent, to 16,630.50 and to 3,649.50, respectively. The DAX in Frankfurt advanced 0.8 percent to 7,652.14 and the FTSE 100 in London rose 0.6 percent to 6,263.93.
The euro traded at $1.35 against the dollar, while the pound traded at $1.57 and the Swiss franc traded at $1.10.
Retail and luxury stocks were mostly on the upswing, with the day’s biggest gainers including Safilo Group, up 9.4 percent to 8.60 euros; Hugo Boss, ahead 2.2 percent to 88.51 euros after reporting record sales and earnings in 2012; Brunello Cucinelli, up 3 percent to 15.20 euros, and Burberry Group, ahead 2.1 percent to 13.65 pounds.
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)
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“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)
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@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)