Retail stocks helped lead Wall Street higher today.
The S&P Retailing Industry Group rose 0.7 percent to 895.49 as the Dow Jones Industrial Average increased 0.5 percent to 16,924.28.
Among the stocks tracked by WWD, Quiksilver Inc. led the way, jumping 9.9 percent to$3.68 amid speculation that the company could make a good takeover target.
Coty Inc. also rose strongly, gaining 5.7percent to $17.85 after the company said it agreed to purchase 27.9 million shares from Berkshire Partners and Rhone for $468 million. The two investors will give up their seats on the company’s board, leaving Coty with eight directors.
Other gainers for the day included The Men’s Wearhouse Inc., ahead 5.7percent to $54.25; Lululemon Athletica Inc., 3.6 percent to$44.42,a nd Dillard’s Inc., 3.3 percent to $118.78.
In Europe, markets were moving higher.
The FTSE MIB in Milan led the way, gaining 1.5 percent to 22,290.08, followed by the CAC 40 in Paris and the FTSE 100 in London, which both gained 0.7 percent, to 4,581.12 and 6,858.21 respectively. The DAX in Frankfurt rose 0.4 percent to 9,987.19.
Investors were buoyed by Thursday’s decision by the European Central Bank to further cut interest rates, in a bid to boost the region’s economy.
But fashion, luxury and retail stocks had put on an uneven performance.
Gainers included Asos, which closed up 7.1 percent to 33.41 pounds, as it recovered after a downbeat profit warning sent its shares down 31.4 percent at the close of trading Thursday. Also on an upswing was French Connection, which rose 4.4 percent to 0.68 pounds; Inditex, up 1 percent to 107.50 euros and online retailer Boohoo.com, which climbed 3.4 percent to 0.47 pounds, after suffering on the back of Asos’ falls Thursday.
Stocks in the luxe sector that fell included Prada, which closed down 6.9 percent to 53.45 Hong Kong dollars, after reporting a 23.8 percent fall in net profits Thursday. Other luxury goods firms that saw falls included Moncler, down 2.6 percent to 13.04 euros, LVMH Moët Hennessy Louis Vuitton, which fell 1.7 percent to 143.25 euros and Tod’s, which dipped 1.2 percent to 97.30 euros.
The pound traded for $1.67 against the U.S. dollar Friday, while the euro went for $1.36 and the Hong Kong dollar changed hands for $0.13.