Retail shares resumed their winning ways last week as the S&P Retail Index registered a 1.7 percent advance following a decline in the prior week.
A 0.6 percent advance on Friday left the S&P Retail Index at 463.46, fully 12.7 percent ahead in 2010, more than twice the growth rate of the major U.S. indices.
Retail shares were aided by the better-than-expected performance of stores reporting their comparable-store sales results on Thursday, as well as news on Friday that activist investor William Ackman had snatched up a 16.5 percent stake in J.C. Penney Co. and Vornado Realty Trust a 9.9 percent stake.
Meanwhile, the Dow Jones Industrial Average on Friday enjoyed its first close above the 11,000 mark since before the Flash Crash of May 6, as a lackluster jobs report elevated investors’ confidence that the Federal Reserve would act to stimulate the economy when it meets next month.
The Dow finished the day at 11,006.48, up 0.5 percent for the day, 1.6 percent for the week and 5.6 percent for the year.
The Labor Department said Friday that employers cut 95,000 jobs in September, driven by the elimination of temporary census jobs and reductions in state and local government payrolls. Private sector employment increased for the ninth straight month, rising by 64,000 jobs.
“The report shows the economy crawling forward,” said Nigel Gault, chief U.S. economist for IHS Global Insight.
Although job cuts were higher than expected, the unemployment rate remained unchanged at 9.6 percent.
Specialty retailers added 2,500 jobs to employ 1.39 million in September, as department stores eliminated 2,100 positions to employ 1.49 million. General merchandise stores, which include department stores, added 1,300 positions to employ 2.95 million.
“While conditions have improved and we are in an economic recovery, the fact is that the level of activity remains well under where it peaked prior to the most severe episode of the recession,” said John Lonski, chief economist with Moody’s Investor Services. “We’re not all the way back.”
Among the 171 public companies tracked by WWD, 135 saw their stock values increase last week, versus 33 experiencing declines and three that were flat.
“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