S&P 500, Nasdaq close with record highs as investors bet on online shopping

Nov. 27 (UPI) — The S&P 500 and the Nasdaq Composite both closed with record highs Friday, wrapping a strong week for markets at the start of the holiday shopping season.

The S&P 500 gained 0.3% to close at 3,638.35, and the Nasdaq Composite rose 0.9% to 12,205.85.

The Dow Jones Industrial Average rose 0.1% Friday to 29,910.37, an increase of 37.90 points from Thursday.

The Dow closed above 30,000 for the first time earlier this week, and all three markets saw gains for the week.

The Dow rose 2.2% and the S&P 500 gained 2.3% for the week, while the Nasdaq climbed 3%.

“What we’re witnessing today, this week and this month, is a continuation in the rise of optimism,” Mike Zigmont, head of trading and research at Harvest Volatility Management, said.

Analysts said investors were encouraged by continued positive news about COVID-19 vaccines, the White House transition and the beginning of the holiday shopping season.

Retailers led Friday’s surge, with the SPDR S&P Retail ETF rising 0.9%, following a record-setting day for online sales on Thanksgiving Day due to the COVID-19 pandemic.

According to Adobe Analytics, online retailers posted $5.1 billion in sales Thursday. On Friday, Etsy shares climbed 10.7%, Gamestop rose 9%, Amazon gained 0.3%, and Shopify climbed 1.5%.

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Luxury fashion brands bet on anti-virus fabrics to revive fortunes amid COVID-19



a man wearing a suit and tie: Luxury fashion brands bet on anti-virus fabrics to revive fortunes amid COVID-19


© Arun Sreenivasan
Luxury fashion brands bet on anti-virus fabrics to revive fortunes amid COVID-19

Can your clothes protect you from something as serious as COVID-19 at the very extreme, or at least from other germs and viruses at the very least?

The luxury industry has been abuzz with the news that a leading Italian fabric manufacturer, Albini Group, has developed an anti-viral fabric that was being snapped up by fashion industry behemoths.

How big? Think Kering (Gucci, Alexander McQueen, Saint Laurent, et al), Armani, Ermenegildo Zegna and Prada, to name a few. Named ViroFormula Fabric, it is the result of an innovative collaboration between Albini and Swiss textile innovation firm, HeiQ.

The process involves applying chemicals to textiles during the production process. The efficacy tests, Albini tells us in a statement, was conducted with a virus called 229E, said to be similar to SAR-COV-2 (WHO has strictly banned the use of the SAR-COV-2 virus, which causes COVID). They proved that the anti-virus textile can destroy the virus with a few minutes of contact.

Speaking about the technology, Carlo Centonze, CEO, HeiQ, says, “HeiQ Viroblock is a special combination of our advanced silver and vesicle technology that has proven effective against coronavirus 229E, with a 99% reduction in virus load in 30 minutes.”

The recent news that the coronavirus can stay alive on a garment for as many as two days has hastened experimentation with such technologies, particularly in the luxury segment. Albini’s CEO, Fabio Tamburini, says that the fabrics and textiles have the same feel as any luxury fabric. “We have received several orders from the big brands,” he adds, without naming them.

The technology used works at targeting the fatty chromosomes that surround viruses when they touch the fabric, destroying them within a matter of minutes. However, this innovative technology works for the first 30 washes, after which it stops being as effective. Quite a hefty price to pay for a garment that can cost at least a few lakhs.

Among another global fashion textile manufacturer laying claim to innovative anti-virus textile is Austrian brand, Lenzing Group, which produces wood-based viscose fibres. It is targeting couture brands and runway shows with its eco-friendly, anti-viral luxury fabric options. “Most anti-viral finishes have limitations—they can only be used on certain fabrics and often hamper comfort and hand-feel. Ecologically-responsible and circular fashion have always been mainstays for Lenzing and the H+ Technology was developed along with Ruby Mills, with this in mind,” says Avinash Mane, Commerical Head – South Asia, Lenzing.

Albini and Lenzing were among the first major luxury fashion players to enter this sphere. However, others are working on similar technology. Like GRADO in India, which, has launched Neo-Tech fabrics, said to be anti-viral and anti-microbial.

Rajendra Agarwal, Mentor, GRADO has said, “Using the NEO TECH® techniques, GRADO has designed anti-viral and anti-bacterial fabrics that inhibit growth and retention of micro-organisms, fulfilling the criteria of being safe and hygienic. We have been investing in R&D for a very long

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Cardi B’s Former Publicist, Patientce Foster Finds New Career Calling As A Size Inclusive Fashion Designer| BET

Patientce Foster has taken notes from her bestie Cardi B, and it seems like it will seriously pay off! 

Recently, the famous publicist announced she will be taking a page from the “WAP” rapper’s book with the upcoming launch of Suite XVI, an inclusive clothing brand.

“Told ‘em to skip the penthouse and take me straight to Suite XVI!” the former hairstylist captioned an Instagram snapshot from Cardi’s 28th birthday party in Vegas. “I am wearing the ‘One Dance’ mini from the highly anticipated @suitexvi_ collection!”

Dressed in a sexy velvet minidress, she continued, “This dress will come in sizes S-3X! Don’t miss this drop, click the link in my bio now to subscribe!”

RELATED | Offset Buys Cardi B A $300K Rolls-Royce Truck Complete With Custom Car Seat For Kulture On Her 28th Birthday

This is quite exciting news for the CEO and founder of The Cream Agency. As they say, there’s nothing like creating a new chapter to your already successful business ventures! 

We look forward to learning more details about the brand as it becomes available. 

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