Markets on both sides of the Atlantic Ocean moved higher today as gains for the U.S. manufacturing sector and sanctions against certain Russian individuals left investors unmoved.
After tracking down 2.2 percent last week, the S&P 500 Retailing Industry Group advanced 0.7 percent to 927.26 while the Dow Jones Industrial Average gained 1.1 percent to 16,247.22 and the S&P 500 picked up 1 percent to 1,858.83.
The Federal Reserve reported that output from U.S. manufacturers rose 0.6 percent in February compared to January, larger than the 0.1 percent rise expected. Meanwhile, sanctions imposed by the U.S. and European Union on Russian government officials and Ukrainian separatists were seen as measured and failed to cause an interruption in the markets’ climb.
Among the standouts in the U.S., Kate Spade & Co. rose 4.6 percent to $38.96 and New York & Co. Inc. was up 2.8 percent to $4.39 in advance of a report on its fourth-quarter financial results scheduled for Thursday. Sears Holdings Corp. shares rose 1.9 percent to $44.84 as it set April 4 as the date for its spin-off of Lands’ End, with Sears shareholders to receive 0.3 shares of the new issue for each share of Sears stock they own. Shares of Under Armour Inc. rose 2 percent, to $119.67 on word that it would split its stock two-for-one next month.
Among a dozen issues to lose ground among those tracked by WWD were Aéropostale Inc., off 3.6 percent to $5.62, and Christopher & Banks Corp., down 3.4 percent to $6.28.
In Europe, Milan’s FTSE MIB logged the largest increase, advancing 2.5 percent to 20,858.84. The DAX in Frankfurt and CAC 40 in Paris were up 1.4 and 1.3 percent, respectively, to 9,180.89 and 4,271.96 while London’s FTSE 100 advanced 0.6 percent to 6,568.35.
Among retail and luxury issues, Yoox was up 3.1 percent to 29.10 euros, Moncler rose 2.5 percent to 12.77 euros and Tod’s ascended 2.1 percent to 93.05 euros.
Declines hit Indian online retailer Koovs, down 6.8 percent to 187.40 pounds, and Esprit Holdings, off 2.3 percent to 13.52 Hong Kong dollars.
The euro traded for $1.39 against the U.S. dollar, the pound for $1.66 and the Hong Kong dollar for 12.9 cents.
Alberta Ferretti's "Rainbow Week" sweaters are back. The designer closed her #MFW show with a few day-of-the-week sweaters, which first debuted on the catwalk last January as part of the pre-fall 2017 collection. #wwdfashion (📷: @delphineachard)