The Federal Reserve’s decision to end its “qualitative easing” bond-buying program hardly affected U.S. stocks and didn’t prevent the WWD Global Stock Tracker from recording its ninth consecutive winning day.
In fact, the tracker rose 0.3 percent to 100.28, making it into three-digit range for the first time since Sept. 26. It was set at 100 at its inception on July 8. Since its last down day on Oct. 16, it’s up 4.4 percent.
Before and after the Fed’s action, U.S. equities endured declines, including a 0.2 percent drop for the Dow Jones Industrial Average.
In Europe, results were as varied as the 0.8 percent increase for London’s FTSE 100, which closed at 6,453.87, and the 1.6 percent drop for Milan’s FTSE MIB, which ended the day at 19,157.41. Both the Nikkei 225 in Tokyo, Hang Seng Index in Hong Kong and SSE Composite Index in Shanghai added more than 1 percent.
Shares of Ralph Lauren Corp. were up 0.5 percent to $161.79 after the company reported lower second-quarter earnings that surpassed analysts’ expectations. Revlon Inc. shares were up 1.6 percent, to $34.09, after hitting a 52-week high of $35.26 following a 53.7 percent increase in third-quarter profits.
The top four gains of the day came from Asian firms, led by Lotte Shopping Co.’s 4.3 percent leap to 305,000 Korean won, or $291.02 at current exchange, and Anta Sports Products Ltd.’s 3.8 percent jump to 15.42 Hong Kong dollars, or $1.99. Shanghai Metersbonwe shares were up 3.5 percent to 11.33 yuan, or $1,85, and Shinsegae Co. Ltd.’s ahead 3 percent to 204,000 won, or $194.65.
American Apparel Inc. shares headed up 2.8 percent to 73 cents.
U.S. and European firms suffered the steepest declines, led by Quiksilver Inc.’s 6.8 percent descent to $1.77 and The Bon-Ton Stores Inc.’s 2.6 percent contraction to $8.49. Elizabeth Arden Inc. shares surrendered 2.5 percent to close at $15.80 while Safilo Group SpA and Salvatore Ferragamo Italia SpA shares decreased 2.2 and 2.1 percent, respectively, to 10.24 euros, or $13.04, and 18.65 euros, or $23.75.