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U.S. Stocks Mixed as Trump Bounce Softens; JC Penney Shares Sink

U.S. stocks are mixed early Friday as the rally sparked by Donald Trump's presidential victory faded.
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U.S. stocks are mixed early Friday as the rally sparked by Donald Trump's presidential victory faded. The S&P 500 rose 3.8% as of Thursday's close, but the Nasdaq declined 0.8% as some of the biggest tech stocks saw declines. Brad McMillan, chief investment officer of the Commonwealth Financial Network said technology companies export goods overseas and there is uncertainty over how Trump will handle trade in his new administration. J.C. Penney (JCP) shares slumped after reporting a third quarter adjusted loss of $0.21 a share, matching forecasts. Revenue of $2.86 billion missed estimates of $2.95 billion. Comparable store sales declined 0.8%, while analysts had expected an increase. One dark spot during the quarter was clothing sales. Speaking at a conference Friday, Federal Reserve Vice Chair Stanley Fischer said "the case for removing accommodation gradually is quite strong." The Fed's next policy meeting is in roughly one month. TheStreet's Scott Gamm reports from Wall Street.