Optimism about Goldman Sachs and other finance firms overcame jitters about CIT Group Monday, sending the major indices sharply higher and retail stocks up even more.
The S&P Retail Index closed at 317.86, up 8.24, or 2.7 percent, as gainers outpaced decliners by a wide margin. The strength of retail stocks was even more impressive than that of the Dow Jones Industrial Average and the S&P 500, which tacked on 2.3 percent and 2.5 percent, respectively. The Dow added 185.16 points to close at 8,331.68, and the S&P gained 21.92 to 901.05 as investors found cause for optimism in the arrival later this week of second-quarter earnings from Goldman Sachs Group Inc., Bank of America Corp., Citigroup Inc. and other banking and finance stocks, even against the background of CIT’s struggle to meet debt maturities.
For retail, fashion and beauty firms, drops were few, an encouraging start to a week that followed one with a small gain for the S&P Retail Index and a decline for retail stocks last Friday.
The day was kind to men’s wear retailers, with The Men’s Wearhouse Inc. pacing the class with a $1.03, or 6 percent, gain to $18.14. Jos. A. Bank Clothiers Inc. grew $1.39, or 4.3 percent, to close at $33.83, while Casual Male Retail Group Inc. added 6 cents, or 3.8 percent, to close at $1.65.
Shares of Sally Beauty Holdings Inc. registered a double-digit advance, leaping 62 cents, or 10.9 percent, to $6.31.
Several vendors with roots in activewear made or just missed WWD’s list of strongest performers for Monday, too. Under Armour Inc.’s stock rose $1.34, or 6.6 percent, to $21.76, while Lululemon Athletica Inc.’s grew 77 cents, or 6.5 percent, to $12.59, and Quiksilver Corp.’s tacked on 10 cents, or 6.5 percent, to close at $1.64. True Religion Apparel Inc. added $1.22, or 6.2 percent, to close at $20.86.
@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