The WWD Global Stock Tracker came within a fraction of hitting a record, while the Dow Jones Industrial Average closed at a new high, cracking the 18,000 mark.
WWD’s group of 100 international fashion, retail and beauty equities advanced 0.6 percent to 108.79, just below the record close of 108.89 hit on Nov. 28.
The Dow was up 0.4 percent to 18,024.17, while the S&P 500 managed a smaller 0.2 percent gain to 2,082.17, record high closings for both. The S&P 500 Retailing Industry Group picked up 0.4 percent to end the day at 1,025.47.
Gross domestic product in the U.S. expanded at an annualized rate of 5 percent during the third quarter, the Commerce Department reported, beating analysts’ expectations and marking the strongest growth rate in more than a decade.
That helped maintain Wall Street’s recent momentum and gave a nice lift to retail stocks.
The biggest gain among tracker issues was Li Ning Co.’s 5.8 percent increase to 3.29 Hong Kong dollars, or 42 cents at current exchange, followed by four U.S. companies.
J.C. Penney Co. Inc. shares rose 5 percent to $6.74 while Dillard’s Inc. rose 4.6 percent to $122. Elizabeth Arden Inc. was up 3.3 percent to $20.82 while Tiffany & Co. rose 3 percent to $106.99 and The Men’s Wearhouse Inc. picked up 2.8 percent to close at $44.02.
The largest decline came from American Apparel Inc., with a 9 cent, or 7.9 percent, decline, to $1.05, erasing Monday’s 7-cent gain and a bit more.
Luen Thai Holdings Ltd. shares fell 7.4 percent to 1.37 Hong Kong dollars, or 18 cents, and Quiksilver Inc. surrendered 4.6 percent to close at $2.49. The Youngor Group Co. was down 3.3 percent to 10.83 yuan, or $1.74, while Sears Holdings Corp. dropped 3 percent to $32.93.