The WWD Global Stock Tracker recorded the biggest gain in its brief history, gaining 2.1 percent to 107.69.
In doing so, it followed the Dow Jones Industrial Average and S&P 500, which both smashed records set Wednesday for the best day of the year. In what’s already being declared a “Santa rally,” the Dow rose 421.28 points, or 2.4 percent, to 17,778.15 and the S&P picked up 48.34 points, also 2.4 percent, to 2,061.23.
WWD’s tracker, rolled out on July 8 at a starting value of 100, had only risen more than 1 percent five times prior to Thursday’s robust performance, and its biggest gain prior to the session was a 1.3 percent advance on Oct. 21.
The strength in stocks came from an extension of the strong sentiment on Wednesday from the Federal Reserve’s indication that it would exercise patience in lifting interest rates based on modest improvement in the U.S. economy.
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American Apparel Inc. again led the equities with gains, rising 44.9 percent to $1, its first close at or above the dollar mark since a $1.01 finish on Sept. 4. The stock has moved from a 58-cent close on Tuesday, when the termination of Dov Charney as chief executive officer was disclosed after the markets closed, and hit as high as $1.14 in midday trading today.
Some of the action in the stock was attributed to a published report that the firm had received a takeover offer.
Quiksilver Inc. shares were up 6.1 percent to $2.26 while Zara parent Inditex SA rose 5.7 percent to 23.55 euros, or $29.46 at current exchange.
Isetan Mitsukoshi Holdings Ltd. was up 4.9 percent to 1,536 yen, or $13.19, while Revlon Inc. added 4.1 percent to close at $34.57.
Twenty-four of the tracker’s 100 fashion, retail and beauty equities lost ground on the day, with Japan’s Onward Holdings Co. and Shiseido Co. down the most. Onward was off 5.7 percent to 692 yen, or $5.94, while Shiseido fell 4.3 percent to 1,712.50 yen, or $14.71. Shiseido on Wednesday outlined a strategic plan to reach 1 trillion yen, or $8.5 billion, in sales by 2020.
Giordano International Ltd. fell 4 percent to 3.37 Hong Kong dollars, or 43 cents, while Youngor Group Co. shed 3.3 percent to 11.31 yuan, or $1.83.
After expanding 10 percent on Wednesday following the distribution of LVMH Moët Hennessy Louis Vuitton’s stake to LVMH shareholders, shares of Hermès International lost 3 percent to close at 295.50 euros, or $369.72.