In Asia, the Nikkei 225 in Tokyo rose 0.1 percent to 14,615.04, while the Hang Seng Index in Hong Kong increased 0.3 percent to 21,371.87.
In Europe, the FTSE MIB in Milan led the charge, up 1.1 percent to 15,695.03, while the Dax in Frankfurt gained 0.7 percent to 8,254.72. The CAC 40 in Paris rose 0.6 percent to 3,872.02, followed by the FTSE 100 in London, up 0.2 percent to 6,571.93.
Most luxury and retail stocks were up, with the exception of a few, such as Safilo Group, which lost 2.74 percent to 15.29 euros, and Yoox SpA, down 1.3 percent to 19.75 euros. Among those gaining ground were Marks and Spencer Group plc, up 2.8 percent to 4.74 pounds, and Kering, rising 1.7 percent to 169.50 euros.
In the U.S., the Dow Jones Industrial Average rose 0.1 percent to 15,470.52, while the S&P 500 Retailing Industry Group rose 0.3 percent to 840.89.
Although Federal Reserve chief Ben Bernanke said in testimony on Capital Hill today that tapering on economic stimulus measures could likely begin later this year, he also told Congress the reductions were “by no means on a preset course.” He emphasized the Fed’s flexibility and that any pull back on its bond purchases would depend on improvement in the economy.
That seemed to ease concerns by investors who had been afraid that any reduction would occur on a bigger scale. Those concerns that tapering could even begin as early as September led to the stock market pullback last month.
In Wednesday’s trading session, Pacific Sunwear of California Inc. gained the most at 5.8 percent to $4.21, while Tilly’s Inc. lost 4.1 percent to $16.01. Outside of the teen space, J.C. Penney Co. Inc. slid 3.3 percent to $16.56.
From overseeing America’s fastest-growing speciality retailers to codifying cool, WWD talked to the women who are leading the way for the future of beauty. Check out our Instagram Stories to see how these women built today and are creating tomorrow. (📸: @hannah_khymych) #wwdbeauty
For @laperlalingerie's spring 2018 show, the brand chose to host their event at @thevenetianmacao. With Chinese megastars @bingbing_fan and @hubing in attendance, La Perla debuted a rock ‘n’ roll-inspired collection. The show marked the start of Sands Macao Fashion Week, which runs from October 19 to 24 — the city’s first such event. Pictured here are models backstage with glimmering eyes. #wwdfashion (📷: Cheuk-Yin To)
Trending for spring 2018: top stitch design. Gone are the days of stitch just for seams — designers are using the once-minimal detail to create strong decorative elements. (📷: Paola Testa; Styled by @andrew_shang) #wwdfashion
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)