Signs of recovery in crude oil prices and of optimism about a Greek debt deal sent stocks flying for the second time in as many days and lifted the WWD Global Stock Tracker.

The tracker, a group of 100 international fashion, retail and beauty equities, climbed above the 110 mark with a 0.9 percent rise to 110.63. It launched on July 8 at 100.

The Dow Jones Industrial Average, which rose nearly 200 points on Monday, did over 100 points better, increasing 305.36 points, or 1.8 percent to 17,666.40. The S&P 500 put the 2,000 milestone further behind it, rising 29.18 points, or 1.4 percent, to 2,050.03. In percentage terms, the S&P’s retail stocks did exceeded the S&P’s performance, gaining 22.39 points, or 2.2 percent, to 1,061.28.

European markets reacted to the same stimuli in similar ways, led by the FTSE MIB in Milan, up 525.86 points, or 2.6 percent, to 21011.55, followed by London’s FTSE 100, up 89.25 points, or 1.3 percent, to 6,872.80.

With stronger indications that the new anti-austerity government in Greece might be able to work out a deal with other European economies, the ATHEX Composite Index in Athens rose 11.28 percent.

In futures trading, the price of a barrel of crude oil rose above the $50 level, growing 4.9 percent to $52 and calming fears that the commodity’s decline, initially seen almost exclusively as a boon to consumer spending, could be doing as much harm to the economy as good.

Like most U.S. retail stocks, Macy’s Inc. had a good day, rising 2.9 percent to $66.07. Shares, however, fell 1.5 percent, to $65.10 in after-hours trading following a boost in fourth-quarter guidance, a shuffling of its executive ranks and the disclosure that it had agreed to acquire Bluemercury, the omnichannel beauty retailer, for $210 million in cash.

Quiksilver Inc. continued its recent upward trajectory, leading all tracker stocks with an 11 percent increase to $2.23, followed by Avon Products Inc.’s 7.3 percent rise to $8.71. Movado Group Inc. shares were up 4.9 percent to $25.77 and fellow watch marketer Fossil Group Inc. up 4.7 percent to $103. In between the two watchmakers, Myer Holdings Ltd. moved ahead 4.8 percent to 1.63 Australian dollars, or $1.27 at current exchange.

Gainers outnumbered tracker issues in decline by about a 5-to-4 margin, with Pandora A/S leading those on the down side with a 6.9 percent drop to 428 Danish kroner, or $65.21. Matsuya Co. shares fell 4.2 percent to 1,831 yen, or $15.57, followed by two issues traded in Hong Kong, Luen Thai Holdings Ltd. and Li Ning, which dropped 3.8 and 2.3 percent, respectively, to 1.52 Hong Kong dollars, or 20 cents, and 3.01 Hong Kong dollars, or 39 cents.

Fast Retailing Co. shares pulled back 2 percent to 42,185 yen, or $358.73.

Click Here for the WWD Global Stock Tracker >>


load comments
blog comments powered by Disqus