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.
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Stay up to do date with breaking news and trending stories with WWD’s “The Essentialist.” Our newsletter delivers the top news in fashion right to your inbox. Want more info? Link in bio. #wwdfashion (📷: @kukukuba)
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