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.
Exclusive: @dsquared2 signs fragrance licensing agreement with Euroitalia, with the first effort of the new partnership being unveiled in September. The brand will launch two scents – one for men and one for women – in Italy. Read our interview with designer Dean and Dan Caten on WWD.com. #wwdbeauty #wwdnews (📷: @zefashioninsider)
@louisvuitton has officially renewed Nicolas Ghesquière’s contract as artistic director of women's collections. "I am very pleased to open the next chapter of the story I started with Louis Vuitton almost 5 years ago," said Ghesquière, who first signed on to design the French luxury brand's women's line in 2013. Get all the details on WWD.com. #wwdnews #wwdfashion (📷: @giovanni_giannoni_photo)
“I learned then and there that I had to figure out a way in life to maintain and preserve my sense of pride when I felt good about what I did or what I represented or created,” said @saintrecords on how being bullied for wearing capri pants inspired her to be the artist she is today. Knowles was at the 70th Parsons Benefit last night where she outbid the room for a Dapper Dan customized @gucci experience. #wwdeye (📷: @lexieblacklock)
“There’s this amazing braintrust of people who know the whole universe so well. So we talked to them and they gave us more input,” said actor Alden Ehrenreich on playing the young Han Solo in “Solo: A Star Wars Story.” The cast was at NYC’s SVA Theatre last night for an advanced screening of the film, which hits theaters this week. #wwdeye #starwars #hansolo (📷: @aurorarosedecrosta)
@asaprocky spent nearly two hours in a Plexiglas box Sunday night at @sothebys putting himself through a series of “tests” to demonstrate the process of completing his new album called “Testing.” Get all the details and see all the pictures on WWD.com. #wwdeye
“I’ve struggled my whole life to find a bathing suit that fits me that doesn’t look like a maternity bra. I’m proud of the line because it’s an accurate representation of me rather than me putting on someone else’s clothes,” says @atlantabean of her swimwear collaboration with @piaarrobio, LPA X ATL. The two decided on a swimwear collab and increased the industry standard size for the pieces. Read more about the line — and our interview with de Cadenet Taylor and Arrobio — on WWD.com #wwdfashion
Exclusive: Cate Blanchett has been named the first global beauty ambassador for @armanibeauty. Blanchett has been the face of the brand’s Sì fragrance franchise since 2013, and is now representing all of the label’s beauty categories including makeup and skin care. #wwdbeauty (📷: @zefashioninsider)