J.C. Penney Beats, Kohl's Disappoints, and Jobless Claims Fall

J.C. Penney (JCP) reported a narrower loss than expected last quarter. The retailer provided further hope for its turnaround efforts after lifting its annual gross margin target thanks to demand for women's apparel and home goods. Retail chain Kohl's (KSS) fell after posting disappointing sales growth last quarter. Kohl's suffered a weak February, though the company said sales rebounded and margins improved in March. Weekly jobless claims continued to point to a tightening labor market. The number of people applying for unemployment benefits remained at a 15-year low, falling to 264,000. Economists had expected an increase.