Aided by promising news on the Chinese economy, Wall Street continued its post-shutdown sigh of relief Friday, sending shares in the U.S. and Europe higher.
Stronger-than-expected third-quarter results from Google Inc., derived in part from its success with mobile platforms, sent its shares soaring $122.61, or 13.8 percent, past the $1,000 plateau, hitting an all-time high of $1,015.46 before ending the week at $1,011.41. That allowed the Nasdaq to pace U.S. markets with a 1.3 percent gain to 3,914.28.
The S&P 500 Retailing Industry Group picked up 0.8 percent to 862.26 as specialty store issues excelled. The day’s biggest gainer among stocks tracked by WWD was Coldwater Creek Inc., which rose 12.5 percent to $1.17. It had declared itself open to strategic alternatives on Monday. Cache Inc., New York & Co. Inc. and Zumiez Inc. rose 8.7, 4.7 and 3.7 percent, respectively, to $6.28, $5.35 and $29.91 in the run-up.
A relatively small group of decliners included several of U.S. retailing’s heaviest hitters, such as Wal-Mart Stores Inc., Target Inc., Macy’s Inc. and Kohl’s Inc., but none shed more than 0.3 percent. J.C. Penney Co. Inc., however, gave back 4.8 percent, descending to $7.
The Dow Jones Industrial Average rose 0.2 percent to 15,399.65 while the S&P 500 advanced 0.7 percent to 1,744.50.
European markets perked up earlier in the day as data showed China’s GDP expanded 7.8 percent during the third quarter, its strongest performance of the year despite signs of weakness in retail sales and manufacturing last month.
The CAC 40 in Paris led the way, ahead 1.1 percent to 4,286.03. London's FTSE 100 gained 0.7 percent to 6,622.58, Frankfurt's DAX expanded 0.6 percent to 8,865.10 and Milan's FTSE MIB advanced 0.4 percent to 19,271.02.
The pound traded at $1.61 against the dollar and the euro fetched $1.36.
Retail and luxury stocks mostly registered gains, with the day's biggest movers including Safilo, up 5.3 percent to 14.59 euros; Mulberry, 3 percent to 9.99 pounds; and L'Oréal, which gained 3.6 percent to 127.50 euros, after it said it was in talks with Shiseido Co. Ltd. to acquire the Carita and Decléor brands from the Japanese company.
Among the few stocks giving ground was Carrefour, which lost 1 percent to 27.36 euros.
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
@eyeswoon blogger Athena Calderone debuted her first-ever cookbook, “Cook Beautiful,” which is heavily centered on the presentation and visual expression of food. Pictured here are her miso glazed carrots from the book. Get the recipe on WWD.com. (📷: @johnny_miller_) #wwdeye
“It’s passion that helps get anybody to a certain point and it’s what’s propelled me,” said Kith founder @ronniefieg, one of WWD’s 40 under 40: a group of industry notables who are changing the face of retail, fashion and beauty. Fieg, who opened a Manhattan flagship on October 7, began his career at age 13 as a stock boy and salesman for footwear chain David Z. “I think staying true to [my] beliefs, hard work and passion have gotten me to where [Kith] is today.” See the rest of the 40 at WWD.com. (📷: @vsteves) #wwd40
25-year-old @samweaving is about to break out this fall, starring in Netflix’s horror film “The Babysitter,” fittingly out today on Friday the 13th. That’s not the only place you’ll be seeing her, though — Weaving’s got a role Showtime’s “SMILF” and another alongside Frances McDormand and Woody Harrelson in “Three Billboards Outside Ebbing, Missouri.” Though she’s got a full plate at the moment, there’s one role she’s got her eye on: Marilyn Monroe. “I’m a little too young at the moment, but it’s on my bucket list,” the actress told WWD (📷: @dandoperalski) #wwdeye
BFF's Poppy Jamie and Suki Waterhouse celebrated the launch of their bag line Pop x Suki at Nordstrom last night. "The line is really about our friendship, and how we are so different but complement each other," said Waterhouse. 👯 (📷: Katie Jones) #wwdeye
After designing the new @louisvuitton and @bulgariofficial flagships and a @chanelofficial boutique opening in Japan, @petermarinoarchitect has another project on his plate: The Lobster Club. Located in the Seagram Building, it’s the famed architect’s first restaurant project in New York, serving up modern Japanese brasserie-style cuisine. Bronze hues, bespoke material detailing, blush and chartreuse tones and a heavy emphasis on Picasso can be seen throughout. Mark your calendars for Nov. 1 for the much-anticipated opening. (📷: @clint_spaulding) #wwdeye