Even a $2.3 billion quarterly loss at Fannie Mae couldn’t hold off the charge of the bulls on Wall Street on Friday.
With crude oil falling to $115 a barrel, the stock market shrugged offThursday’s losses and the Dow Jones Industrial Average mushroomed more than302 points, or 2.7 percent, to 11,734.32. And after enduring a 2.1 percentdrop on Thursday, as retail sales came on at disappointing levels with signs of more trouble to come, the Standard & Poor’s Retail Index climbed 6.2 percent to 381.92.
The wide disparity between the euro and the dollar narrowed sharply on Friday as well, with the euro finishing the week at $1.50, down from nearly $1.56 at the start of the week.
While the movement of retail shares was nearly universally upward, Eddie Bauer Holdings led the pack of advancers with a 25.2 percent gain for the day, to $6.50, following a strong second-quarter earnings report on Thursday evening. Other specialty stores exceeding the S&P Retail performance included Mothers Work (up 9.8 percent), Hot Topic (up 9.2 percent), Urban Outfitters (up 8.7 percent), Dress Barn and Limited Brands (both up 8.4 percent), Wet Seal (up 8.3 percent), Charlotte Russe (up 7.2 percent), Gap (up 6.9 percent), AnnTaylor Stores and The Children’s Place (both up 6.5 percent) and Buckle (up 6.2 percent).
Macy’s isn’t among the stores that report monthly sales, but it shared in Friday’s surge as well, advancing 9.6 percent to $20.73. Shares have now risen 44.7 percent since hitting a 52-week low of $14.33 on July 11 amid concerns about the department store firm’s liquidity and ability to compete. Speculation about the company’s condition was answered by Macy’s chief executive officer Terry Lundgren in a letter to company executives later made public, and by analysts asserting its fiscal health.
Coming off a comparable-store sales gain in July, unusual among the department stores report, Dillard’s shares enjoyed an 8.6 percent increase to $10.85. Penney’s and Kohl’s comps were down 6.5 and 10.4 percent, respectively, but their shares fared better on the week’s final trading day, rising 6.6 and 6.2 percent. Stein Mart shares picked up 10 percent on the day, landing them at $4.96.
Coach picked up 9.1 percent during the session, ending at $29.89; Tiffany advanced 6.7 percent, to $41.23, and Guess added 7.5 percent to $35.83.
Among vendors, strong advances came from Kenneth Cole Productions (9.3 percent), Movado Group (9.2 percent), Liz Claiborne (8.2 percent), Timberland (7.5 percent), Jones Apparel Group (7.4 percent) and Warnaco Group (7.2 percent).
Among those logging strong performances on European exchanges were Luxottica Group, up 9.8 percent, and Bulgari, up 6.2 percent.
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews