The Clinton Herald, Clinton, Iowa

National News

September 27, 2013

Encouraging news on jobs, retailers lifts stocks

(Continued)

Growth-sensitive retail stocks were among the best performers in the 10 industry groups that make up the S&P 500 index.

The group got a lift from the troubled department store owner J.C. Penney, which said it was pleased with its turnaround efforts.

The company’s stock ended the day up 30 cents, or 3 percent, at $10.42.

Shares, however, fell more than 5 percent in after-markets trading following the company’s announcement that it planned to sell up to 96.6 million shares of common stock in a public offering. It was the latest indication the chain is looking to shore up its cash reserves.

Bed Bath & Beyond also gave the industry a boost. The stock climbed $3.32, or 4 percent, to $77.54 after the company said its quarterly profit increased 11 percent.

Other stock indexes rose. The Dow Jones industrial average climbed 55 points, or 0.4 percent, to 15,328. The Nasdaq climbed 26 points, or 0.7 percent, to 3,787.

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