U.S. retail stocks retook the high ground on Wall Street today.
The S&P 500 Retailing Industry Group gained 1.4 percent, or 10.21 points, to 755.56 as trading settled, setting a new all-time record of 758.73 in midday trading.
Retail was bullish versus the broader market. The Dow Jones Industrial Average ended up 0.2 percent, or 24.50 points, to 14,700.80.
First time jobless claims fell by 16,000 last week to 339,000. That drop was much bigger than the 4,000 decline economists projected and a hopeful signal from the job market for investors.Gaining ground in the fashion world were Michael Kors Holdings Ltd., up 5.7 percent to $56.56; The Bon-Ton Stores Inc., 5 percent to $14.38; Sears Holdings Corp., 4.5 percent to $50.52; Aéropostale Inc., 4.2 percent to $14.07, and Guess Inc., 4.1 percent to $26.99.
Most European stock markets were also on the rise.
The DAX in Frankfurt advanced 1 percent to 7,832.86, as the FTSE MIB in Milan gained 0.5 percent to 16,649.75, and the FTSE 100 in London rose 0.2 percent to 6,442.59.
Running countertrend was the CAC 40 in Paris, which fell 0.1 percent to 3,840.47.
Among the gainers was Compagnie Financière Richemont, parent of Cartier, Alfred Dunhill and Van Cleef & Arpels. The stock climbed 2.4 percent to 76.35 Swiss francs, basking in the afterglow of news earlier this week that net profits for the year would rise 30 percent, with help from favorable currency movements.
Ferragamo advanced 2.6 percent to 23.11 euros while Metro AG was up 1.4 percent to 23.25 euros. Among the stocks that saw the biggest declines was Asos.com, down 1.7 percent to 30.81 pounds. The euro traded at $1.30 against the dollar while the pound fetched $1.53 and the Swiss franc went for $1.06.
@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)