Midday Report: J.C. Penney Plans Store Closures; Dow's Win Streak Under Threat

Slight losses on Wall Street put the Dow Jones Industrial Average's record-breaking streak in jeopardy.
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Slight losses on Wall Street put the Dow Jones Industrial Average's record-breaking streak in jeopardy. The blue-chip index has closed at all-time highs for the past ten sessions, its longest streak in three decades. High demand in the housing market boosted new home sales at the beginning of the year. Sales of newly-constructed housing increased by 3.7% percent in January, though that growth was slightly weaker than expected. J.C. Penney (JCP) - Get Report tumbled after falling short of profit and sales estimates over its fourth quarter. The department store chain also announced plans to close as many as 140 stores over the next few months.  Gap (GPS) - Get Report nudged past fourth-quarter earnings estimates, beating bottom-line forecasts by just a penny. Comparable-store sales increased 2%, in-line with targets.