Markets: US luxury goods stocks catalyse third day of gains
Shares in fashion brand Fossil recover dramatically after spring slump as S&P 500 breaks 1,400.
Rising share prices for watchmaker Fossil and high-end clothier Ralph Lauren were among other feel-good results at the end of a positive trading session for US equities overnight, which saw the S&P 500 surpass 1,400.
The S&P closed at 1,401, after a 0.5 per cent rise of 7 points. This marks the third consecutive day of gains for the index and the first time it has breached the 1,400 mark since early May.
Shares in Fossil soared 31.5 per cent to $91.77 (£58.75), after not breaking past $80 (£51.21) since early May when it warned that its European business was sluggish.
Other luxury wins for the day included Movado Group which owns Hugo Boss and Lacoste, and handbag maker Coach.
The Nasdaq Composite closed 26 points up after rising 0.9 per cent to 3,015. The Dow Jones Industrial Average rose 51 points to close at 13,168, 0.4 per cent up on the previous day.