Retail shares and the broader market bounced back today.
The S&P 500 Retailing Industry Group rose 1.2 percent to 854.89, erasing Tuesday's 1 percent drop, as retailers’ quarterly earning results seemed to boost investor confidence.
The Dow Jones Industrial Average advanced 1 percent to 16,533.06 while the S&P 500 picked up 0.8 percent to 1,888.03.
Shares of Tiffany & Co. gained 9.2 percent to $96.30 after it reported stronger-than-expected first-quarter sales and earnings and lifted full-year guidance. Citi Trends Inc. also pulled off an earnings “beat” and was rewarded with a 15.3 percent gain in its shares, which closed at $19.76.
Target Corp. shares picked up ground, rising 1 percent to $57.20, as its earnings fell more than expected but its U.S. same-store sales declined 0.3 percent, less than the 1.1 percent drop expected on average by analysts.
American Eagle Outfitters Inc.’s shares were off 6.4 percent to $10.60 after it said it would close additional stores following its 86.2 percent drop in first-quarter profits.
Among the other retailers losing ground were The Wet Seal Inc., down 6.9 percent to 93 cents, and J.C. Penney Co. Inc. and Sears Holdings Corp., both of which saw shares recede 3.7 percent, to $8.60 and $36.56, respectively.
While sensitive to earnings reports in the wake of a difficult first quarter, investors appeared unmoved by disclosure in the afternoon of the minutes from the April 30 meeting of the Federal Reserve’s Open Market Committee. IHS Global Insight economist Paul Edelstein said the narrative did nothing to challenge the IHS view that bond buying will end this year, “but that interest rate hikes will wait until mid-2015.”
Europe’s major markets finished the day with gains with many fashion, luxury and retail stocks also in positive territory.
The FTSE MIB in Milan led the gainers, climbing 1.1 percent to 20,597.51, followed by the DAX in Frankfurt, which rose 0.6 percent to 9,697.87. The CAC 40 in Paris increased 0.4 percent to 4,468.03, followed by the FTSE 100 in London, up 0.3 percent to 6,821.04.
Sentiment in London was lifted by positive retail sales data released by the U.K.’s Office for National Statistics, which showed that the U.K.’s retail sales grew 6.9 percent in April compared to the same month last year, and by 1.3 percent compared to March 2014.
Stocks in the retail and fashion sectors that made gains included Asos.com, up 1.7 percent to 40.68 pounds; Safilo Group, 1.1 percent to 15.74 euros; Yoox Group, 1.4 percent to 22.53 euros, and Ted Baker, 2 percent to 17.95 pounds. Burberry closed up 0.2 percent to 15.18 pounds after reporting a 26.8 percent rise in profits to 322.5 million pounds, or $512.8 million.
The decliners included Koovs, down 2.2 percent to 1.53 pounds, while fellow online retailer Boohoo.com fell 3.2 percent to 43 pence. Moncler lost 0.6 percent to 12.50 euros and Kering dipped 0.7 percent to 160.65 euros.
The pound traded for $1.68 against the U.S. dollar, while the euro changed hands for $1.37.
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
Did you know: @carlychaikin of "Mr. Robot" has been painting for about a decade? The actress, who plays Darlene on the show, is a self-taught artist who lists Salvador Dalí and Chuck Close as some of her idols. Chaikin told WWD that painting is a form of meditation for her — A much-needed one given the intensity of "Mr. Robot." See a piece Chaikin is working on at WWD.com (📷: @jilliansollazzo) #wwdeye