A firming of crude oil futures calmed investors’ nerves and gave stocks a chance to rebound after two days of losses.
The WWD Global Stock Tracker followed the market’s lead, rising 0.9 percent to 111.09 for its second close above the 111 mark. The tracker hit its all-time high of 111.63 on Monday before dipping along with major indices in the two subsequent days.
The Dow Jones Industrial Average gained 225.48 points, or 1.3 percent, to end the trading day at 17.416.85 and the S&P 500, in danger of falling below 2,000, rallied 19.09 points, or 1 percent, to close at 2,021.25. Its S&P 500 Retailing Industry Group subset was up 14.52 points, or 1.4 percent, to 1,028.16.
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The DAX in Frankfurt advanced 26.90 points, or 0.3 percent, to close at 10,737.87 while London’s FTSE 100 shed 15.34 points, or 0.2 percent, 6,810.60.
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The largest gains among tracker stocks accrued to U.S. firms, led by those making news. The largest was Coach Inc.’s 6.8 percent advance, to $38.94, after it reported a second-quarter profit decline in line with its own expectations and those of many analysts. Kate Spade & Co. wasn’t far behind, with shares rising 6.6 percent to $31.68 after it said it would focus on developing the Kate Spade New York brand and exit its Kate Spade Saturday retail operations.
G-III Apparel Group Ltd. shares were up 4.3 percent to $100.55 while Revlon Inc. advanced 3.8 percent to $33.89. Both Michael Kors Holdings Ltd. and Express Inc. expanded 3.6 percent, to $72.53 and $13.49, respectively.
The largest decline was Shanghai Metersbonwe’s 3.1 percent drop to 11.90 yuan, or $1.90 at current exchange, while Puma shares were off 2.9 percent to 166.80 euros, or $188.28.
Li & Fung Ltd. and I.T Ltd. were off 2.4 percent each, to 7.61 Hong Kong dollars, or 98 cents, and 2.02 Hong Kong dollars, or 26 cents, while Matsuya Co. dropped 1.9 percent to close at 1,933 yen, or $16.44.