U.S. equities recovered from steep midday losses but the rebound wasn’t sufficient to save the WWD Global Stock Tracker from a fourth straight day in negative territory.
The tracker, which compiles and weighs results for 100 fashion, retail and beauty stocks around the world, ended the day at 98.72, down 0.3 percent. The decline for the four-day losing streak is 1.8 percent.
While protests continued against Chinese voting restrictions, Hong Kong’s Hang Seng Index was closed for a holiday.
Led by a 3.9 percent drop on Milan’s FTSE MIB to 811.43, European stocks suffered as the European Central Bank left interest rates unchanged but considered changes to stimulate stagnant European economies with asset purchases.
U.S. stocks hit their trough as afternoon trading began and climbed back to or near the breakeven point as trading concluded, principally on a drop in applications for unemployment benefits. That was taken as an encouraging signs as investors prepared for the release of the Department of Commerce’s monthly jobs report on Friday.
Equities traded in the U.S. generated the 20 top gainers’ slots among tracker stocks.
The largest advance came from Quiksilver Inc., up 11.1 percent to $1.80 versus $2.91 one month ago, followed by Sears Holdings Corp., up 7.7 percent to $27.11 after it disclosed plans to sell the bulk of its 51 percent stake in Sears Canada to help generate badly needed cash.
Movada Group Inc. shares rose 3.6 percent to $33.74 while J.C. Penney Co. Inc.’s were up 3.4 percent to $9.63. Michael Kors Holdings Ltd. and The Bon-Ton Stores Inc. filled the fifth and sixth slots with increases of 3.3 and 3 percent, respectively, as they closed at $74.08 and $8.55.
Stocks losing ground were led by Yoox.com, off 5.3 percent to 16.72 euros, or $21.11 at current exchange, followed by American Apparel Inc., off 3.9 percent to 75 cents, and Inditex SA, down 3 percent to 20.95 euros or $26.44.
Adidas gave back its 1 percent gain on Wednesday and more, falling 3 percent to 58.29 euros, or $73.59, while Avon Products Inc. pulled back 2.6 percent to $11.69. Matsuya Co. also dropped 2.6 percent, landing at 1,360 yen, or $12.49.