Retail stocks climbed 0.6 percent Wednesday as the Federal Reserve reaffirmed its intention to keep short-term interest rates near zero for “an extended period.”
The Federal Open Market Committee, led by Fed chairman Ben Bernanke, said it appeared “economic activity has continued to strengthen and that the deterioration in the labor market is abating.” Unemployment, however, continues to reside at 10 percent.
The benchmark federal funds rate will be held to a range of 0 to 0.25 percent. But the decision was not unanimous. Thomas Hoenig, president of the Federal Reserve Bank of Kansas City, dissented, believing economic conditions have changed enough that the rate should not be kept at current levels for an extended period.
Government efforts to get the economy growing again have pumped billions of dollars into the economy and sparked some concerns about inflation, which would likely have to be addressed with higher interest rates.
The S&P Retail Index rose 2.17 points to 400.17 as the Dow Jones Industrial Average advanced 0.4 percent, or 41.87 points, to 10,236.16. Fashion’s gainers included Perry Ellis International Inc., up 10.4 percent to $16.82; Destination Maternity Corp., 4.2 percent to $21.36; Columbia Sportswear Co., 3.7 percent to $41.88; AnnTaylor Stores Corp., 2.2 percent to $12.58, and The TJX Cos. Inc., 0.8 percent to $38.39.
• International Declines: European stocks slid, with the CAC 40 down 1.2 percent to 3,759.80 in Paris and the FTSE 100 off 1.1 percent to 5,217.47 in London. Asian markets were also down and the SSE Composite Index fell 1.1 percent to 2,986.61 in Shanghai as the Nikkei 225 dipped 0.7 percent to 10,252.08 in Tokyo and the Hang Seng Index fell 0.4 percent to 20,033.07 in Hong Kong.
EXCLUSIVE: @tomford is opening its first-ever beauty store. The boutique, which opens November 20 in London’s Covent Gardens, was designed with the over the top glam Ford is known for. Read the full story on WWD.com, link in bio. #wwdbeauty #wwdnews (📷: Simon Wagner) #TomFordBeauty
New York-based DJ @harleyvnewton threw a party to celebrate the holiday collection of her dress and pajama line @hvn at the Ladurée Beverly Hills. It Girls @katebosworth, @rashidajones and more joined in on the fun, which included cocktails, croque monsieur sandwiches and a photo booth. #wwdfashion (📷: Owen Kolasinski/BFA.com)
For the holidays, @Burberry partnered with 20-year-old artist @blondeymccoy on a series of three outdoor murals in downtown Manhattan. The murals are McCoy’s interpretation of a Christmas eve party, the idea of charity and the spirit of family. His third mural, pictured here, is the most personal. The image depicts McCoy’s grandparents and father in London’s Trafalgar Square in the Seventies. “My work often features lots of sentimental objects.” #wwdeye
For spring 2018, designers applied bold colors and cartoonish motifs on everything from sneakers and belts to key chains. See all the top men’s accessories trends on WWD.com. #wwdtrends (📷: George Chinsee; Prop Styling by @rnasti; Market Editor: @luiscampuzano)
The @dior-sponsored @guggenheim international gala pre-party has a history of drawing cool-girl musical acts to serenade the crowd –– and last night was no exception. @haimtheband performed songs both new and old, and lured a star-studded audience with the likes of Rebecca Hall, Kate Mara, Mamoudou Athie and more. #wwdeye (📷: @lexieblacklock)
In a partnership between the @metopera and the @englishnationalopera, “Marnie” was born. The opera, with costumes sponsored by @mrporterlive, is an adaptation of the 1961 thriller by Winston Graham. Arianne Phillips, who created the costumes, is no rookie: She’s styled Madonna for her tours and created costumes for a myriad of films in the past. Read WWD’s interview with Phillips, where she talks about her inspiration for the opera’s costumes on WWD.com #wwdfashion
@barneysnyc took a different approach to their holiday windows this year. Instead of Christmas decor, Barneys tapped @thehaasbrothers to tell a story of positivity, gratitude and inclusivity via heartwarming silliness and humor. “It’s about kids and it’s about coming together and being family and loving each other,” said Simon Haas. #wwdfashion (📷: @joshuascottphoto)
Beauty influencer @kandeejohnson makes her foray into hair care with a collaboration with @ogx_beauty — making it the first time that OGX has teamed up for a product creation. The collab includes shampoos and conditioners in three scents. At 39 and a mom, Johnson is a different profile than the emerging social media stars, but is considered one of the pioneers of the digital beauty influencer world. Read WWD’s interview with her on wwd.com, including the strangest beauty product she’s ever tried #wwdbeauty