Retail shares logged their first gain of the week Wednesday, advancing 0.7 percent after the Federal Reserve said the pace of the recession was slowing.
The S&P Retail Index increased 2.11 points to 311.34, as the Dow Jones Industrial Average dipped 0.3 percent, or 23.05 points, to close at 8,299.86. Gainers included Stein Mart Inc., up 12.7 percent to $7.82; Chico’s FAS Inc., 5.2 percent to $9.96; Macy’s Inc., 4.6 percent to $11.39, and Nordstrom Inc., 4.4 percent to $19.08.
“Household spending has shown further signs of stabilizing but remains constrained by ongoing job losses, lower housing wealth and tight credit,” said the central bank’s Federal Open Market Committee, led by chairman Ben Bernanke.
The bank kept its target range for the benchmark federal funds interest rate at 0 percent to 0.25 percent. The committee also signaled that it was not as concerned about deflation as it had been by not alluding to it in its statement. In April, the committee said it saw “some risk that inflation could persist for a time below rates that best foster economic growth and price stability.”
The picture is somewhat rosier abroad.
The Organization for Economic Co-operation and Development boosted its growth outlook for China and India for 2009 and 2010, but continues to expect U.S. and other rich nations to post declines this year and rebound weakly in 2010.
“A recovery already appears to be in motion in most non-OECD countries,” said Jørgen Elmeskov, acting chief OECD economist. “This is particularly so in China, against the background of substantial monetary and especially fiscal stimuli.”
The OECD said China’s economy would grow 7.7 percent this year and 9.3 percent in 2010, substantially faster than the respective 6.3 percent and 8.5 percent forecasts made in March.
But the Paris-based OECD expects U.S. economic activity to fall 2.8 percent this year, a smaller decline than the 4 percent it forecast in March, and grow only 0.9 percent in 2010.
“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
“Stranger Things” is getting a new cast member for season 2. Meet @sadiesink_, the 15-year-old who will be joining the Netflix series for its new season. You may recognize her from “The Glass Castle” with Brie Larson and Woody Harrelson, but the Texas native’s next role goes in an entirely different direction. She describes her character, Max, as “a rough and tumble skater girl [who] becomes friends with the boys at school.” The second season debuts on October 27. (📷: @jgreenery) #wwdeye
Amid the Harvey Weinstein controversy, there’s another sector that’s being put under the spotlight for sexual abuse: the modeling industry. While rumors about abuse and sexual harassment of female and male models — and the photographers, agents and others who perpetrated it — have circulated within the fashion world for years, model @cameronrussell started posting stories from models on Instagram last week about abusive situations they’ve encountered — from sexual harassment and molestation to attempted rape. Over 75 have weighed in so far. Read more on WWD.com. Link in bio. #wwdnews
To celebrate its 16th anniversary, @dylanscandybar tapped designers and celebrities to create mosaics out of candy. The mosaics will be auctioned off to support the philanthropic cause of each participant’s choice. Pictured here is the mural created by @aliceandolivia's Stacey Bendet. For a first look at some of the other artwork being unveiled tonight, go to WWD.com. #wwdeye
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