U.S. stocks rose, halting a five-day slide for the Standard & Poor’s 500 Index, as investors weighed better-than-forecast jobs growth to gauge the strength of the economy and timing of Federal Reserve stimulus cuts.
J.C. Penney Co., the retailer trying to reverse $1.6 billion of losses in the past year, sank the most in almost seven months after Goldman Sachs Group Inc. said its liquidity will be strained this quarter.
J.C. Penney Co., the 110-year-old department-store company, is “backtracking” on Chief Executive Officer Ron Johnson’s new pricing strategy with a 30 percent discount on clearance items, according to Deutsche Bank AG.
Wal-Mart Stores Inc. ’s prices rose in September to the highest level in at least 21 months, according to JPMorgan Chase & Co., as the world’s largest retailer scaled back discounts from earlier this year.
U.S. retailers’ September same-store sales topped analysts’ estimates, led by discount and specialty- apparel chains that benefited from back-to-school shopping, while department stores trailed projections.
J.C. Penney Co. rose after reiterating that it expects positive comparable-store sales trends in the second half of the year after its stock plunged in the past week over concerns that it’s running out of cash.
Family Dollar Stores Inc. surged the most in more than 30 years in New York trading after investor Nelson Peltz offered to buy the retailer for as much as $7.6 billion, spurring speculation other suitors will follow.