It’s too early to say what the effects will be on Main Street, but Wall Street found Wednesday’s news of a tentative Congressional agreement on a financial resuscitation plan at least mildly stimulating.
Disappointment with a new Treasury Department rescue plan sent stock markets reeling on Tuesday, but word of a Congressional compromise between House and Senate versions of the stimulus bill sent shares on an upward path — although the rebound fell far short of undoing the previous day’s widespread damage to market capitalizations.
The S&P Retail Index, down 4.2 percent on Tuesday, was up 0.3 percent, to 266.59, on Wednesday while the S&P 500 clocked in with a 0.8 percent jump to 833.73. The Dow Jones Industrial Average, off 4.6 percent in Tuesday’s session, picked up 0.6 percent to 7,939.53, and the Nasdaq Composite gained 0.4 percent, to 1,530.50.
Senate Majority Leader Harry Reid said Wednesday that House and Senate conference negotiators had reached a deal on a $789 billion economic stimulus package as lawmakers moved quickly to get the bill to President Barack Obama’s desk. The conference committee, including Reid, was meeting at press time Wednesday night in a formal session to discuss the compromise deal and ratify it before sending it back to the House and Senate for a final vote.
Jones Apparel Group Inc.’s stock rose 9.8 percent to $3.58 on word of lower-than-expected fourth-quarter losses, while Perry Ellis International Inc. and Liz Claiborne Inc. shares rose 5.3 percent and 5 percent, respectively, to $4.18 and $2.71.
Gains on the retail side, while hardly universal, tended to fall into the specialty store camp, with Pacific Sunwear of California Inc. advancing 13.5 percent to $1.35, AnnTaylor Stores Corp. ahead 6.7 percent to $5.92 and Casual Male Retail Group Inc. up 4.9 percent to 43 cents.
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion