Oil prices moved higher today, lifting energy stocks, equity markets and the WWD Global Stock Tracker to strong gains.
WWD’s group of 100 major fashion, retail and beauty stocks rose 0.8 percent to 105.45, just its second gain in eight sessions, while the Dow Jones Industrial Average and the S&P 500 enjoyed their best days of the year, rising 288 points, or 1.7 percent, to 17,356.87, and 2 percent to 2,012.89, respectively.
The increases came as crude oil ended its long skid with a 1 percent increase to $56.47 a barrel and the Federal Reserve signaled that it would exercise restraint in raising interest rates based on the moderate pace of economic expansion.
But the biggest increases in tracker stocks appeared to be unrelated to world oil markets or domestic economic activity.
American Apparel Inc. was up 19 percent to 69 cents, its highest close since Nov. 12, following the announcement Tuesday night that Dov Charney, the firm’s founder, had been terminated as its chief executive officer following a probe into his conduct.
Meanwhile, shares of Hermès International spiked 10 percent to close at 304.70 euros, or $381.23 at current exchange, after LVMH Moët Hennessy Louis Vuitton distributed its 23.2 percent stake in the company to LVMH shareholders.
Quiksilver Inc. continued its recent upward trajectory, registering a 6.5 percent gain to $2.13, and Elizabeth Arden Inc. was up 6.4 percent to $19.10.
Shares of Avon Products Inc. rose 2.4 percent to $9.33 during the regular trading day but fell 0.9 percent to $9.25 after the company reported that it had settled charges by the U.S. Department of Justice and the Securities and Exchange Commission regarding violations of the Foreign Corrupt Practices Act for $135 million.
While Hermès shares rose, LVMH’s shares fell 8 percent to 125.85 euros, or $157.46, the second largest decline among tracker stocks. The largest decline came from Li Ning Co., down 8.1 percent to 3.06 Hong Kong dollars, or 39 cents. Giordano International Ltd. shares fell 3.6 percent 3.51 Hong Kong dollars, or 45 cents, and Chow Tai Fook Jewellery Group shares were off 2.9 percent to 10.14 Hong Kong dollars, or $1.31. Shanghai Metersbonwe’s stock was off 2.8 percent to 12.19 yuan, or $1.97.