Stock Indexes Climb, JC Penny Profits Plummet

U.S. stock indexes posted gains across the board on the back of positive retail earnings. The DJIA added 94.28 points to 12,292, the S&P500 advanced 14.91 points to 1423 and the NASDAQ climbed 37.03 to 2533.

Freddie Mac
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– The second largest US mortgage company added 2.29 to 27.25 after announcing a smaller loss than anticipated.

JC Penny
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announced a 50% decrease in profits, yet beat analysts’ estimates and gave positive guidance for the second quarter. The stock climbed 2,25 to $46.40

Cnet Networks
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rocketed 43% to $11.41 after CBS Corp agreed to buy the website owner in a deal valued at $1.8 billion.

Sothebys
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climbed 7.2% to $28.68 after hosting its most lucrative art auction ever at $362 million in New York City last night.

Steak ‘N’ Shake
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fell nearly 11% to its lowest price in 7 years to $6.78 on a loss of 82 cents.

Crude oil fell to $124.14 and gold advanced 13.50 to $880 per troy oz.

Market Snapshot

Dow

+94.28 12,992.66

NASDAQ

+37.03 2,533.73

S&P 500

+14.91 1,423.57

Economic
News

Jobless Claims (Last week): 371,000, (Prior Week): 365,000

Industrial Production (Apr): -0.7%, (Mar): +0.2%

Empire State Index (May): -3.23, (Apr): +0.63