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.
@pantone announced their Color of the Year 2018: Ultra Violet. Nearly 20 months after the musician Prince’s death, fashion is having a purple moment. Varying shades of purple appeared on spring or fall runways, from @christopherkane to @calvinklein. @gucci’s Alessandro Michele bathed his fall runway in ultra violet-colored light at one point. Pantone 18-3838 is meant to “push the boundaries of what inspires us to look upward and outward to the future.” #wwdnews #wwdfashion (📷: @kukukuba)
@badgalriri’s @fentybeauty launch in September was a massive success on social media, powering $72.9 million of earned media value, according to Tribe Dynamics. The brand’s foundation offering sparked conversations about diversity in beauty, launching the growth of emerging influencers and propelling the brand’s support on social media. Today, #fentybeauty won Launch of the Year at the WWD #BeautyIncAwards. (📷: Chema Moya/EPE-EFE)
@marianna_hewitt has become one of the most influential content creators in the beauty space, with almost 800,000 Instagram followers and a newly launched skin care line called @SummerFridays. Today, she was awarded Influencer of the Year at the WWD #BeautyIncAwards. (📸: @sophiachabbott )
As shopping behaviors evolve, the retail experience must follow. Head over to retail experts @colliersinternational’s Knowledge Leader series to read more about the shift in our shopping era. #colliersretail #lovecolliers
@prada opened a pop-up club, called Prada Double Club, in collaboration with German artist Cartsen Höller at @artbasel Miami. Last night, guests – including @youngparis, @ritaora and even Miuccia Prada herself – gathered in a former ice factory where the pop-up is housed for a performance from @wyclefjean. Go to WWD.com for full coverage on all the exhibits, parties and more at #ArtBaselMiami. #wwdeye (📷: @lexieblacklock)
@louboutinworld and @disney are making magic once again, creating a set of shoe designs for the release of “Star Wars: The Last Jedi.” Louboutin designed a pair of shoes for each of the film’s four female leads: Rey (@daisyridrey), Vice Admiral Amilyn Holdo (@lauradern), Captain Phasma (Gwendoline Christie) and Rose Tico (@kellymarietran). The shoes will debut on Saturday at the L.A. premiere of the latest episode. #wwdfashion
Today at the #BeautyIncAwards 2017, WWD will be joined by beauty leaders from around the world as we honor this year's most innovative people, products, brands and places. Follow along here and on Twitter for live coverage from the exclusive event. #wwdsummits (📷: @elizaflorendo)
Exclusive: Beauty superinfluencer @marianna_hewitt is launching her first-ever skin care brand with her business partner @laurengores. Their new line Summer Fridays, which will be sold exclusively at summerfridays.com starting in January, is launching with just one product – a hydrating cream Jet Lag Mask. “We wanted to focus on one product that was amazing,” said Hewitt. Read the full interview on WWD.com. Link in bio. #wwdbeauty #wwdnews
Michelin star-rated chef PJ Calapa marks his first solo endeavor with today’s opening of @scampinyc –– the new Southern Italian restaurant located in Manhattans’ Flatiron District. The upscale yet welcoming environment matches the menu, which includes two types of scampi: traditional Italian langoustines in butter and the Americanized version with shrimp over pasta 🍤 - pictured here. #wwdeye (📷: George Chinsee)