News of the apparent bailout of CIT Group Inc. helped lift retail stocks to their highest level of the year Monday and contributed to strong gains throughout the equity markets.
The S&P Retail Index rose 6.69 points, or 2 percent, to 342.23 as the markets closed, just beating out the previous high-water mark of 342.1 established on May 5 and its second best showing, a 342 close on June 2.
All three major indices posted gains of at least 1 percent and, like the retail index, enjoyed milestones. The Dow Jones Industrial Average leaped 104.21 points, or 1.2 percent, to 8,848.15, putting it into positive territory for 2009. The S&P 500 was up 10.75 points, or 1.1 percent, to 951.13, the best mark since November. The Nasdaq Composite, which has enjoyed strength as earnings for technology stocks have exceeded expectations, was up for the ninth straight day, rising 22.68 points, or 1.2 percent, to 1,909.29.
CIT, whose shares have seesawed in the past week along with its prospects for revival, saw a strong rebound on Monday. The stock, which bottomed out at 31 cents Thursday and climbed to 70 cents on Friday, added another 55 cents, or 78.6 percent, to close at $1.25.
Although not confirmed until after the markets closed, word CIT had a rescue plan in place lifted even the stocks of companies that don’t rely on the lender for factoring or other financing. The markets were also buoyed by news that Caterpillar Inc.’s stock had been upgraded to “buy” one day ahead of the release of second-quarter earnings and The Conference Board’s report that the Leading Economic Index in June increased for the third consecutive month, to 100.9 from 100.2 in May and 98.9 in June. That put its gain for the last six months at 2 percent.
@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
@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)