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.
EXCLUSIVE: @tomford is opening its first-ever beauty store. The boutique, which opens November 20 in London’s Covent Gardens, was designed with the over-the-top glam Ford is known for. Read the full story on WWD.com, link in bio. #wwdbeauty #wwdnews (📷: Simon Wagner) #TomFordBeauty
New York-based DJ @harleyvnewton threw a party to celebrate the holiday collection of her dress and pajama line @hvn at the Ladurée Beverly Hills. It Girls @katebosworth, @rashidajones and more joined in on the fun, which included cocktails, croque monsieur sandwiches and a photo booth. #wwdfashion (📷: Owen Kolasinski/BFA.com)
For the holidays, @Burberry partnered with 20-year-old artist @blondeymccoy on a series of three outdoor murals in downtown Manhattan. The murals are McCoy’s interpretation of a Christmas eve party, the idea of charity and the spirit of family. His third mural, pictured here, is the most personal. The image depicts McCoy’s grandparents and father in London’s Trafalgar Square in the Seventies. “My work often features lots of sentimental objects.” #wwdeye
For spring 2018, designers applied bold colors and cartoonish motifs on everything from sneakers and belts to key chains. See all the top men’s accessories trends on WWD.com. #wwdtrends (📷: George Chinsee; Prop Styling by @rnasti; Market Editor: @luiscampuzano)
The @dior-sponsored @guggenheim international gala pre-party has a history of drawing cool-girl musical acts to serenade the crowd –– and last night was no exception. @haimtheband performed songs both new and old, and lured a star-studded audience with the likes of Rebecca Hall, Kate Mara, Mamoudou Athie and more. #wwdeye (📷: @lexieblacklock)
In a partnership between the @metopera and the @englishnationalopera, “Marnie” was born. The opera, with costumes sponsored by @mrporterlive, is an adaptation of the 1961 thriller by Winston Graham. Arianne Phillips, who created the costumes, is no rookie: She’s styled Madonna for her tours and created costumes for a myriad of films in the past. Read WWD’s interview with Phillips, where she talks about her inspiration for the opera’s costumes on WWD.com #wwdfashion
@barneysnyc took a different approach to their holiday windows this year. Instead of Christmas decor, Barneys tapped @thehaasbrothers to tell a story of positivity, gratitude and inclusivity via heartwarming silliness and humor. “It’s about kids and it’s about coming together and being family and loving each other,” said Simon Haas. #wwdfashion (📷: @joshuascottphoto)
Beauty influencer @kandeejohnson makes her foray into hair care with a collaboration with @ogx_beauty — making it the first time that OGX has teamed up for a product creation. The collab includes shampoos and conditioners in three scents. At 39 and a mom, Johnson is a different profile than the emerging social media stars, but is considered one of the pioneers of the digital beauty influencer world. Read WWD’s interview with her on wwd.com, including the strangest beauty product she’s ever tried #wwdbeauty