Retail stocks rose and fell and rose again Wednesday, ending with a 0.9 percent increase as investors tried to determine if the rally of the last two weeks would continue.
The S&P Retail Index increased 2.47 points to 288.71 and the broader Dow Jones Industrial Average climbed 89.84 points, or 1.2 percent, to 7,749.81. Retail stocks have risen 26.2 percent since March 9, the day before banking giant Citigroup Inc. encouragingly said it had turned profitable in January and February.
Some of Tuesday’s back and forth came as weaker-than-expected demand for five-year Treasury notes at a government auction outweighed news that new home sales rose. China, a key holder of U.S. debt, has recently expressed concerns about the U.S. dollar and the financial crisis, and floated the idea of a new global currency to replace the dollar.
New home sales increased a seasonally adjusted 4.7 percent in February compared with January, the first month-to-month increase since July, said the Commerce Department. Still, the number of new homes sold was down 41.1 percent from a year earlier, illustrating just how far the real estate market has fallen.
Economists argue the housing sector led the country into the recession and the credit crunch and must begin to rebound for a recovery to set in.
The downturn has hit not only the average consumer, but also to a lesser extent, the executive suite.
Despite Gregg Steinhafel’s rise to Target’s Corp.’s corner office in May, the discounter’s chief executive officer took a 2.9 percent cut in his pay last year, bringing in $5.9 million, according to a proxy filed with the Securities and Exchange Commission. Steinhafel’s take-home included a base salary of $1.3 million as well as $72,794 worth of personal travel in company aircraft, which Target said was a security precaution. Steinhafel succeeded Robert Ulrich, former chairman and ceo, as chairman on Jan. 31. Shares of Target increased 0.5 percent to $33.23 on Wednesday.
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