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.
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
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