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.
A new Joan Rivers coffee table book, titled “Joan Rivers Confidential,” gives readers never-before-seen photos and letters of the late comedian throughout her life. “Because of her drive to always be fresh, she kept records of every appearance, every performance, all the jokes that were used on TV, all the clothes that were worn,” said Rivers’ daughter Melissa. Here, Rivers poses at the “Tonight Show” in Tracy Mills in 1985. Read more about the book and see more photos at WWD.com. #wwdeye
After a career at New York hot spots like Narcissa, Dovetail and Nix, @chefjfraser has expanded to the West Village with The Loyal, a modernized take on an American brasserie. “And as I’ve gone through my career I’ve felt some departure from that kind of simple, straightforward [cooking]. This is meant to take on the idea of ‘what if the American brasserie was invented today?’” #wwdeye (📷: @chinseephoto)
@bellahadid and @lilyaldridge at @bulgariofficial’s celebration on Friday night, toasting the brand's new Peter Marino-designed flagship on Fifth Avenue. The two-part event included a cocktail party at the store followed by a dinner at a mystery location — the Met Cloisters. #wwdeye
From overseeing America’s fastest-growing speciality retailers to codifying cool, WWD talked to the women who are leading the way for the future of beauty. Check out our Instagram Stories to see how these women built today and are creating tomorrow. (📸: @hannah_khymych) #wwdbeauty
For @laperlalingerie's spring 2018 show, the brand chose to host their event at @thevenetianmacao. With Chinese megastars @bingbing_fan and @hubing in attendance, La Perla debuted a rock ‘n’ roll-inspired collection. The show marked the start of Sands Macao Fashion Week, which runs from October 19 to 24 — the city’s first such event. Pictured here are models backstage with glimmering eyes. #wwdfashion (📷: Cheuk-Yin To)
Trending for spring 2018: top stitch design. Gone are the days of stitch just for seams — designers are using the once-minimal detail to create strong decorative elements. (📷: Paola Testa; Styled by @andrew_shang) #wwdfashion
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews