Stocks Continue to Decline
Stocks fell again on Friday, after another disappointing economic report and a rather gloomy outlook from J.C. Penney.
The Dow lost -86.06 , the Nasdaq Composite rose -19.65, and the S&P 500 -10.54.
J.C. Penney
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PowerRating) lowered its first quarter sales and earnings outlook, citing weakness in consumer spending. JCP shares lost 7.5% and weighed on other consumer stocks.
KB Home
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PowerRating) lost 4.9% after the company reported earnings that missed estimates by a wide margin.
The $19.5 billion deal for Clear Channel
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PowerRating) edged closer to collapse. The company and its buyers are trying to prevent the banks from moving a lawsuit over the proposed sale out of Texas.
Bloomberg reported he U.S. dollar recorded its biggest weekly drop against the euro in more than 2-years.
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