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.
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
“It’s passion that helps get anybody to a certain point and it’s what’s propelled me,” said Kith founder @ronniefieg, one of WWD’s 40 under 40: a group of industry notables who are changing the face of retail, fashion and beauty. Fieg, who opened a Manhattan flagship on October 7, began his career at age 13 as a stock boy and salesman for footwear chain David Z. “I think staying true to [my] beliefs, hard work and passion have gotten me to where [Kith] is today.” See the rest of the 40 at WWD.com. (📷: @vsteves) #wwd40
25-year-old @samweaving is about to break out this fall, starring in Netflix’s horror film “The Babysitter,” fittingly out today on Friday the 13th. That’s not the only place you’ll be seeing her, though — Weaving’s got a role Showtime’s “SMILF” and another alongside Frances McDormand and Woody Harrelson in “Three Billboards Outside Ebbing, Missouri.” Though she’s got a full plate at the moment, there’s one role she’s got her eye on: Marilyn Monroe. “I’m a little too young at the moment, but it’s on my bucket list,” the actress told WWD (📷: @dandoperalski) #wwdeye
BFF's Poppy Jamie and Suki Waterhouse celebrated the launch of their bag line Pop x Suki at Nordstrom last night. "The line is really about our friendship, and how we are so different but complement each other," said Waterhouse. 👯 (📷: Katie Jones) #wwdeye
After designing the new @louisvuitton and @bulgariofficial flagships and a @chanelofficial boutique opening in Japan, @petermarinoarchitect has another project on his plate: The Lobster Club. Located in the Seagram Building, it’s the famed architect’s first restaurant project in New York, serving up modern Japanese brasserie-style cuisine. Bronze hues, bespoke material detailing, blush and chartreuse tones and a heavy emphasis on Picasso can be seen throughout. Mark your calendars for Nov. 1 for the much-anticipated opening. (📷: @clint_spaulding) #wwdeye
Did you know: @carlychaikin of "Mr. Robot" has been painting for about a decade? The actress, who plays Darlene on the show, is a self-taught artist who lists Salvador Dalí and Chuck Close as some of her idols. Chaikin told WWD that painting is a form of meditation for her — A much-needed one given the intensity of "Mr. Robot." See a piece Chaikin is working on at WWD.com (📷: @jilliansollazzo) #wwdeye