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.
From overseeing America’s fastest-growing speciality retailers to codifying cool, WWD talked to the women who are leading the way for the future of beauty. Check out our Instagram Stories to see how these women built today and are creating tomorrow. (📸: @hannah_khymych) #wwdbeauty
For @laperlalingerie's spring 2018 show, the brand chose to host their event at @thevenetianmacao. With Chinese megastars @bingbing_fan and @hubing in attendance, La Perla debuted a rock ‘n’ roll-inspired collection. The show marked the start of Sands Macao Fashion Week, which runs from October 19 to 24 — the city’s first such event. Pictured here are models backstage with glimmering eyes. #wwdfashion (📷: Cheuk-Yin To)
Trending for spring 2018: top stitch design. Gone are the days of stitch just for seams — designers are using the once-minimal detail to create strong decorative elements. (📷: Paola Testa; Styled by @andrew_shang) #wwdfashion
@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)