A break in the impasse between Greek’s new anti-austerity government and the European Union allayed investors’ fears and helped equity markets on both sides of the Atlantic end the week with gains.
In Brussels, Greece won a four-month extension on its financial rescue from finance ministers elsewhere in the euro zone, breaking a stalemate that had European markets on edge.
While the WWD Global Stock Tracker moved up 0.4 percent to 112.92, the Dow Jones Industrial Average added 154.67 points, or 0.9 percent, to finish the week at 18,140.44. The S&P 500 moved up 0.6 percent to reach 2,110.30.
Pacing all tracker stocks, Nordstrom Inc., coming off a report of lower-than-expected fourth-quarter earnings and 2015 guidance late Thursday, was back in investors’ good graces, leaping 6 percent to $81.74. Ann Inc. followed with a 4.8 percent gain to $36.76 following reports late Thursday that it was working with J.P. Morgan Chase & Co. to find a buyer. Shares were up 9 percent in after-hours trading Thursday.
The Dow and the S&P both closed at record highs, as did the WWD tracker, which launched in July.
For the week, WWD’s tracker moved ahead 0.6 percent, while strong finishes on Friday allowed the Dow and S&P to advance at similar paces, with the Dow up 0.7 percent during the holiday-shortened period and the S&P 0.6 percent ahead.
Oxford Industries Inc. logged the third best performance on the tracker, rising 3.4 percent to $54.31, while Hanesbrands Inc. was up 3.3 percent to $121.85 and Perry Ellis International Inc. rose 2.4 percent to $23.03.
Pandora A/S worked out a 2.8 percent gain to 576 Danish kroner, or $98.16 at current exchange.
Among tracker equities in decline, Avon Products Inc. sold off 3.2 percent to close at $8.45 and The Bon-Ton Stores Inc. slipped 3 percent to $5.53. Takashimaya Co. was off 2.5 percent to 1,084 yen, or $9.11, and Matsuya Co. shed 2.4 percent to end the week at 1,811 yen, or $15.23.
Quiksilver Inc. and Movado Group Inc. were both down 2.2 percent to close at $2.21 and $24.31, respectively.
A total of 17 tracker stocks in China, Hong Kong and South Korea didn’t trade Friday. Markets were closed in celebration of the Chinese Lunar New Year.
Crude oil ended the week on a down note, dropping 2.3 percent to $50 a barrel.