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.
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
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)
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“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