Closing Bell: J.C. Penney's Loss Double Estimates; U.S. Stocks Rise for First Day in Four
Wall Street made a recovery on Friday, though the threat of conflict with North Korea kept the rally from gaining solid momentum. Benchmark indexes have still not recovered all losses sustained over the previous three sessions. President Trump doubled down on his statement that the military is "locked and loaded" in case of a threat or strike from North Korea. In a statement Friday afternoon, he said, "What I said is what I mean" in response to a question on his increasingly aggressive language. Crude oil prices climbed even after a weekly read showed drilling activity rise. U.S. rigs drilling for oil increased by 3 to 768 in the past week, according to Baker Hughes. Domestic drilling activity had fallen by one in the previous week. J.C. Penney Co. Inc.
(JCP) - Get Report
tanked after reporting a far worse quarter than expected. An adjusted loss of 9 cents a share also came in double analysts' consensus. Nordstrom Inc.
(JWN) - Get Report
exceeded profit and sales forecasts over its recent quarter. The department-store chain reported earnings of $110 million, or 65 cents a share. That was lower than a year earlier when Nordstrom had reported $117 million, or 67 cents. Analysts had anticipated 64 cents a share in profit. Revenue increased 3.8% to $3.79 billion, beating consensus by $40 million.
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