Although it is too soon to tell if the worst of the credit crisis may be over, Wall Street rallied on Tuesday following upbeat news in the banking sector, a retreat in commodities prices and better-than-expected manufacturing data.
The Dow Jones Industrial average gained more than 390 points to close at 12,656.36, while the broader S&P 500 jumped 3.6 percent to 1,370.18. The S&P Retail Index climbed 5.8 percent to hit 407.10.
Leading the retailers pack was Talbots Inc., which earlier in the day released a plan to turn around its flailing business. Talbots spiked 11.4 percent to close at $12.01.
Midtier department stores also saw steep rebounds. After slashing earnings guidance last week, J.C. Penney rose 6.4 percent to $40.12, while Kohl's Corp. increased 6.3 percent to $45.59. Macy's Inc. grew 7 percent to $24.67, and Sears Holdings Corp. was up 7.2 percent to end the day at $109.47.
In the specialty sector, Lululemon Athletica Inc. shot up 11 percent to $31.57 on analysts' reports, which said they do not expect to see a slowdown at the athletic apparel retailer when it reports fourth-quarter earnings on Wednesday.
J. Crew Group increased 7.4 percent to $47.42, while teen retailer Abercrombie & Fitch rose 4.9 percent to $76.69. Urban Outfitters increased 5.2 percent to $32.99, and Limited Brands was 6.4 percent higher to $18.20.
Retail giant Wal-Mart Stores gained 2.7 percent to $54.08, while rival Target increased 5.1 percent to close at $53.27.
Department store Gottschalks was one of the rare decliners of the day, sinking 7 percent to $2.78, while Wilsons The Leather Experts fell 33.4 percent to end the day at 14 cents.
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)