Energized by falling oil prices, the stock market surged for a second straight day Thursday and retail stocks again set the pace with gains as dizzying as declines earlier in the week.
The Standard & Poor's Retail Index outpaced the Dow Jones Industrial Average and the S&P 500, as it did Wednesday, closing 3.5 percent higher at 353.66, up 11.94 points.
The Dow advanced 207.38 points to close at 11,446.66, up 1.9 percent, while the S&P 500 increased 14.96 points, or 1.2 percent, to 1,260.32.
Again on Thursday, the driving force behind the rise was another reduction in oil prices, which fell $5.31 to $129.29 a barrel. The commodity has fallen more than $15, or 10 percent, in the last three days.
A better-than-expected earnings statement from J.P. Morgan Chase & Co. aided a large comeback in the financial sector. Wachovia Corp., Citigroup Inc. and Bank of America Corp. all posted healthy advances as did the national mortgage firms Fannie Mae and Freddie Mac. The gains buoyed the mood on a trading floor already uplifted by another round of energy price declines.
The retail stocks that had been hit hardest in recent weeks continued to make the strongest comebacks, repeating the story line of a day earlier.
Stocks of specialty retailers looked especially adept in making up ground, as investors seemed optimistic about back-to-school assortments hitting shelves and reviving profits, especially if oil price reductions were to freeze or reduce gasoline prices. Caché Inc. leapt 13.5 percent, adding onto a 13 percent gain the day before, to close at $13.43. Chico's FAS Inc. climbed 11 percent to $5.65. Zumiez Inc. was up 7.8 percent to $14.73 and Pacific Sunwear of California Inc. rose 5.6 percent to $8.63.
In the department store sector, Gottschalks Inc. gained 10.9 percent to $1.93, Dillard's Inc. jumped 9.6 percent to $10.19 and J.C. Penney Co. Inc. climbed 7 percent to $32.05.
Macy's Inc. rose 5.7 percent to $18.42, putting it more than $4 above the 52-week low it hit last Friday when chief executive officer Terry Lundgren was prompted to respond to charges of a liquidity crisis.
Off-pricers shared the day's theme. TJX Cos. Inc. hit a high for the year, up 3.3 percent to $35.27, as did Ross Stores Inc., which advanced 1.4 percent to $39.55.
A handful of vendors got in on the action Thursday, if not quite as dramatically. Maidenform Brands Inc. grew 6 percent to $15.71, Jones Apparel Group Inc. rose 5.9 percent to $14.46, Phillips-Van Heusen Corp. was up 5.9 percent to $37.12 and Polo Ralph Lauren Corp. climbed 4.5 percent to $62.59.
@pantone announced their Color of the Year 2018: Ultra Violet. Nearly 20 months after the musician Prince’s death, fashion is having a purple moment. Varying shades of purple appeared on spring or fall runways, from @christopherkane to @calvinklein. @gucci’s Alessandro Michele bathed his fall runway in ultra violet-colored light at one point. Pantone 18-3838 is meant to “push the boundaries of what inspires us to look upward and outward to the future.” #wwdnews #wwdfashion (📷: @kukukuba)
@badgalriri’s @fentybeauty launch in September was a massive success on social media, powering $72.9 million of earned media value, according to Tribe Dynamics. The brand’s foundation offering sparked conversations about diversity in beauty, launching the growth of emerging influencers and propelling the brand’s support on social media. Today, #fentybeauty won Launch of the Year at the WWD #BeautyIncAwards. (📷: Chema Moya/EPE-EFE)
@marianna_hewitt has become one of the most influential content creators in the beauty space, with almost 800,000 Instagram followers and a newly launched skin care line called @SummerFridays. Today, she was awarded Influencer of the Year at the WWD #BeautyIncAwards. (📸: @sophiachabbott )
As shopping behaviors evolve, the retail experience must follow. Head over to retail experts @colliersinternational’s Knowledge Leader series to read more about the shift in our shopping era. #colliersretail #lovecolliers
@prada opened a pop-up club, called Prada Double Club, in collaboration with German artist Cartsen Höller at @artbasel Miami. Last night, guests – including @youngparis, @ritaora and even Miuccia Prada herself – gathered in a former ice factory where the pop-up is housed for a performance from @wyclefjean. Go to WWD.com for full coverage on all the exhibits, parties and more at #ArtBaselMiami. #wwdeye (📷: @lexieblacklock)
@louboutinworld and @disney are making magic once again, creating a set of shoe designs for the release of “Star Wars: The Last Jedi.” Louboutin designed a pair of shoes for each of the film’s four female leads: Rey (@daisyridrey), Vice Admiral Amilyn Holdo (@lauradern), Captain Phasma (Gwendoline Christie) and Rose Tico (@kellymarietran). The shoes will debut on Saturday at the L.A. premiere of the latest episode. #wwdfashion
Today at the #BeautyIncAwards 2017, WWD will be joined by beauty leaders from around the world as we honor this year's most innovative people, products, brands and places. Follow along here and on Twitter for live coverage from the exclusive event. #wwdsummits (📷: @elizaflorendo)
Exclusive: Beauty superinfluencer @marianna_hewitt is launching her first-ever skin care brand with her business partner @laurengores. Their new line Summer Fridays, which will be sold exclusively at summerfridays.com starting in January, is launching with just one product – a hydrating cream Jet Lag Mask. “We wanted to focus on one product that was amazing,” said Hewitt. Read the full interview on WWD.com. Link in bio. #wwdbeauty #wwdnews
Michelin star-rated chef PJ Calapa marks his first solo endeavor with today’s opening of @scampinyc –– the new Southern Italian restaurant located in Manhattans’ Flatiron District. The upscale yet welcoming environment matches the menu, which includes two types of scampi: traditional Italian langoustines in butter and the Americanized version with shrimp over pasta 🍤 - pictured here. #wwdeye (📷: George Chinsee)