Indications of a willingness to avoid military action in Ukraine from Russian president Vladimir Putin helped equity markets in the U.S. and Europe bounce back Tuesday.
The S&P 500 Retailing Industry Group rose 1 percent to 941.46 after declining 0.5 percent Monday. The broader S&P 500 hit an all-time high of 1,876.23 in midday trading before closing up 1.5 percent at 1,873.88, and the Dow Jones Industrial Average managed a 1.4 percent gain to 16,395.37.
The S&P and Dow Monday fell 0.7 and 0.9 percent, respectively, as tensions escalated and Russian troops took up positions in Crimea.
The Obama administration disclosed plans for a $1 billion in energy subsidies for the embattled former Soviet Socialist Republic. Largely overlooked with the world’s attention centered on the Black Sea was the $3.9 trillion U.S. budget for fiscal 2015 submitted by the Obama administration.
Among U.S. fashion, retail and beauty stocks tracked by WWD, the strongest performance came from American Apparel Inc., up 15.6 percent to 87 cents and now 58.2 percent above the 52-week low of 55 cents hit on Feb. 21 as talk of a possible restructuring of the vertical retailer surfaced.
Abercrombie & Fitch Co. shares rallied 6.7 percent to $41.68 following an upgrade to “outperform” from “neutral” by Credit Suisse. J.C. Penney Co. Inc. continued its recent upward trajectory, rising 4.2 percent to $8.29. Shares hit a 52-week low of $4.90 on Feb. 5, prior to the company’s disclosure of better-than-expected fourth-quarter results on Feb. 26.
Among only a handful of retailers to see their shares descend was Ascena Retail Group Inc. The stock fell 3.2 percent, to $18.26, in the aftermath of its report late Monday of lower second-quarter earnings and weak second-half guidance.
Stock markets in Europe closed their day on a high note, after Putin said he would only use force in Ukraine as a last resort and dialed down the anxiety levels of the past few days.
Milan’s FTSE MIB led the upswing, rising 3.6 percent to 20,475.12, followed by the CAC 40 in Paris and the DAX in Frankfurt, which both advanced 2.5 percent to 4,395.90 and to 9,589.15 respectively. The FTSE 100 in London, meanwhile, rose 1.7 percent to 6,823.77.
Retail and luxury stocks were very much on board for the rally, with the biggest advances coming from companies including Ferragamo, 3.8 percent to 23.23 euros; Unilever, 3.1 percent to 28.83 euros; French Connection, 3.7 percent to 56 pence, and Debenhams, 4.3 percent to 78 pence.
The euro traded at $1.38 against the U.S. dollar, while the pound fetched $1.67 and the Swiss franc equaled $1.14.
EXCLUSIVE: @tomford is opening its first-ever beauty store. The boutique, which opens November 20 in London’s Covent Gardens, was designed with the over-the-top glam Ford is known for. Read the full story on WWD.com, link in bio. #wwdbeauty #wwdnews (📷: Simon Wagner) #TomFordBeauty
New York-based DJ @harleyvnewton threw a party to celebrate the holiday collection of her dress and pajama line @hvn at the Ladurée Beverly Hills. It Girls @katebosworth, @rashidajones and more joined in on the fun, which included cocktails, croque monsieur sandwiches and a photo booth. #wwdfashion (📷: Owen Kolasinski/BFA.com)
For the holidays, @Burberry partnered with 20-year-old artist @blondeymccoy on a series of three outdoor murals in downtown Manhattan. The murals are McCoy’s interpretation of a Christmas eve party, the idea of charity and the spirit of family. His third mural, pictured here, is the most personal. The image depicts McCoy’s grandparents and father in London’s Trafalgar Square in the Seventies. “My work often features lots of sentimental objects.” #wwdeye
For spring 2018, designers applied bold colors and cartoonish motifs on everything from sneakers and belts to key chains. See all the top men’s accessories trends on WWD.com. #wwdtrends (📷: George Chinsee; Prop Styling by @rnasti; Market Editor: @luiscampuzano)
The @dior-sponsored @guggenheim international gala pre-party has a history of drawing cool-girl musical acts to serenade the crowd –– and last night was no exception. @haimtheband performed songs both new and old, and lured a star-studded audience with the likes of Rebecca Hall, Kate Mara, Mamoudou Athie and more. #wwdeye (📷: @lexieblacklock)
In a partnership between the @metopera and the @englishnationalopera, “Marnie” was born. The opera, with costumes sponsored by @mrporterlive, is an adaptation of the 1961 thriller by Winston Graham. Arianne Phillips, who created the costumes, is no rookie: She’s styled Madonna for her tours and created costumes for a myriad of films in the past. Read WWD’s interview with Phillips, where she talks about her inspiration for the opera’s costumes on WWD.com #wwdfashion
@barneysnyc took a different approach to their holiday windows this year. Instead of Christmas decor, Barneys tapped @thehaasbrothers to tell a story of positivity, gratitude and inclusivity via heartwarming silliness and humor. “It’s about kids and it’s about coming together and being family and loving each other,” said Simon Haas. #wwdfashion (📷: @joshuascottphoto)
Beauty influencer @kandeejohnson makes her foray into hair care with a collaboration with @ogx_beauty — making it the first time that OGX has teamed up for a product creation. The collab includes shampoos and conditioners in three scents. At 39 and a mom, Johnson is a different profile than the emerging social media stars, but is considered one of the pioneers of the digital beauty influencer world. Read WWD’s interview with her on wwd.com, including the strangest beauty product she’s ever tried #wwdbeauty