Retail shares and the major indices all held on to gains after the release of notes from the most recent meeting of the Federal Reserve indicated a slow increase in interest rates, and only when economic vitality is deemed sufficient to bear it.
The S&P 500 Retailing Industry Group logged its second straight day of gains, growing 1.1 percent to 887.06. The percentage gain matched those of the Dow Jones Industrial Average, which ended the day at 16,437.18, and the S&P 500, which ascended to 1,872.18.
With the positive finish Wednesday, the retail index again has as many sessions of gains this year, 34, as it does losses.
Shares of Chico’s FAS Inc. fell 2.7 percent to $16.52 after leaping 8.4 percent Tuesday following the disclosure by Leonard Green & Partners had taken a 1.3 percent stake in the retailer. That position was taken last year but reported to the Securities and Exchange Commission on Tuesday.
Lands’ End Inc. continued to struggle for stability, with shares dropping 2.6 percent to $26.63 while those of its former parent, Sears Holdings Corp., fell 2.8 percent to $35.97. Sears’ decline was the largest among U.S. fashion, retail and beauty stocks monitored by WWD.
Advances outpaced declines among the WWD sample by about a three-to-one margin. The biggest gain among retailers came from American Apparel Inc., up 7.3 percent to 51 cents, while Delia’s Inc. moved ahead 5.3 percent to 84 cents.
Coldwater Creek Inc. managed a gain as well, rising 3.9 percent to 23 cents despite ongoing talk of an imminent reorganization.
Nu Skin Enterprises Inc. shares were up 5.7 percent to $85.74 while G-III Apparel Group Ltd. and Destination XL Group Inc. shares rose 3.6 and 3.5 percent, respectively, to $74.83 and $5.59.
Kate Spade & Co. moved up 3.4 percent to $34.38 while Lululemon Athletica Inc. Under Armour Inc. both finished the day ahead 2.6 percent at $54.56 and $108.63, respectively.
Major European markets also finished the day with increases, led by the FTSE 100 in London, up 0.7 percent to 6,635.61. The CAC 40 in Paris rose 0.4 percent to 4,442.68 and both the DAX in Frankfurt and FTSE MIB in Milan registered 0.2 percent increases to respective marks of 9,506.35 and 21,717.02.
Fashion, luxury and retail stocks mirrored the markets’ gains.
On the rise were Yoox, up 6.4 percent to 24.97 euros; Mulberry, which rose 2.8 percent to 7.30 pounds; Safilo Group, which gained 3.5 percent to 15.11 euros; Boohoo.com, which climbed 2.9 percent to 51 pence, and Kering, up 3.7 percent to 149.95 euros.
Among the few stocks in the sector that fell in the day’s trading were Ted Baker, down 0.5 percent to 21 pounds; Aeffe, which dipped 1.7 percent to 0.83 euros, and Koovs, down 2.7 percent to 1.80 pounds.
The euro traded for $1.38 against the U.S. dollar, while the pound fetched $1.67.
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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@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)
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