U.S. stocks rose, sending the Standard & Poor’s 500 Index to a record, as Federal Reserve Chair Janet Yellen said the central bank may change its strategy for reducing asset purchases should the economy weaken.
J.C. Penney Co. surged 25 percent after forecasting an increase in annual revenue and margin expansion, prompting Chief Executive Officer Mike Ullman to predict its turnaround will be completed this year.
Macy’s Inc., the second-largest U.S. department-store company, topped fourth-quarter profit estimates after recording a smaller-than-projected charge for a cost- cutting program, even as winter weather hampered sales.
Seritage Realty Trust’s homepage seeks to dazzle prospective tenants with illustrations of gleaming retail properties featuring landscaped parking lots filled with cars and shoppers. Seritage promises visitors “the locations you need in virtually every major U.S. market.”
Sears Holdings Corp. plans to close its money-losing namesake location in downtown Chicago, reducing its physical presence in the city as it shrinks its store network and divests assets amid a decline in sales.