The Dow Jones Industrial Average closed below the 7,500 mark for the first time since 2002, but retail stocks managed to hold onto most of the gains made earlier in the day and post their first winning session since Feb. 11.
Coming off morning gains, the S&P Retail Index finished Thursday’s session at 251.98, up 1.97 points or 0.8 percent. It had climbed as high as 256.91 during the session.
The closing value is 21.4 percent above the index’s 52-week low of 207.49 reached Nov. 21, but still 41 percent below the 52-week high of 427.13 hit on Sept. 9, just before the full weight of the credit crisis began to eviscerate stocks.
The Dow Jones Industrial Average dropped almost 90 points, or 1.2 percent, to 7,465.95, its first sub-7,500 landing since October 2002, and the S&P 500 continued its retreat below the 800 mark with a 9.48 point, or 1.7 percent, stumble to 778.94. The Nasdaq Composite had the largest percentage decline of the major indices, resting at 1,442.82, down 25.15 points or 1.7 percent, at day’s end. Banks and other financial stocks sustained the worst of the damage, with many getting hit by double-digit decreases.
For the second day in a row, Charming Shoppes Inc. turned in the worst performance of all stocks tracked by WWD, falling another 12 cents, or 14.1 percent, to 73 cents. The Talbots Inc., among the strongest performers the day before, was among the dozen weakest Thursday, sliding 6.2 percent to $2.13.
On the other hand, Dress Barn Inc. shares vaulted 11.1 percent, to $10.35, despite the firm’s disclosure late Wednesday of a second-quarter loss that exceeded analysts’ expectations. Reaffirmation of second-half guidance, coupled with positive same-store sales results so far this year, contributed to the rise, as did an upgrade to “buy” from “neutral” by Suntrust Robinson Humphrey.
Shares of J.C. Penney Co. Inc., scheduled to report its fourth-quarter results today, were up 6 cents, or 0.4 percent, to $14.92.
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For @laperlalingerie's spring 2018 show, the brand chose to host their event at @thevenetianmacao. With Chinese megastars @bingbing_fan and @hubing in attendance, La Perla debuted a rock ‘n’ roll-inspired collection. The show marked the start of Sands Macao Fashion Week, which runs from October 19 to 24 — the city’s first such event. Pictured here are models backstage with glimmering eyes. #wwdfashion (📷: Cheuk-Yin To)
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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)