Markets Gain; J.C. Penney Posts Narrower-Than-Expected Q2 Loss

Following the market opening Friday, the Dow traded up 0.28 percent to 16,760.50 while the NASDAQ surged 0.52 percent to 4,476.34. The S&P also rose, gaining 0.34 percent to 1,961.80.

Leading and Lagging Sectors

In trading on Friday, telecommunications services shares were relative leaders, up on the day by about 0.68 percent. Meanwhile, top gainers in the sector included China Mobile CHL, up 3.5 percent, and ARC Group Worldwide ARCW, up 2.2 percent.

Cyclical consumer goods & services shares gained by just 0.12 percent in today’s trading. Meanwhile, top decliners in the sector included Biglari Holdings BH, down 2.4 percent, and Dillard's DDS, off 4.1 percent.

Top Headline

On Thursday, J. C. Penney JCP reported a narrower-than-expected second-quarter results.

JC Penney reported a quarterly loss of $0.75 per share on revenue of 2.80 billion, versus analysts’ estimates of a $0.93 loss on revenue of 2.79 billion.

The company’s same-store sales climbed 6% in the quarter.

Equities Trading UP

Monster Beverage MNST shares shot up 28.28 percent to $91.91. Coca-Cola Company KO and Monster Beverage announced a long-term strategic partnership. As part of the deal, Coca-Cola will buy a 16.7% equity stake in Monster.

Shares of Achillion Pharmaceuticals ACHN got a boost, shooting up 14.11 percent to $9.63 on hepatitis C drug study.

SINA SINA shares were also up, gaining 6.81 percent to $51.08 after the company reported upbeat quarterly results.

Equities Trading DOWN

Shares of Weibo WB were down 6.69 percent to $20.02 on Q2 results.

Nordstrom JWN shares tumbled 4.31 percent to $65.73 after the company reported Q2 results. The company reported earnings of $183 million, or $0.95 per share.

Dillard's DDS was, falling 4.65 percent to $110.23 after the company reported weaker-than-expected fiscal second-quarter earnings.

Commodities

In commodity news, <a href="http://www.benzinga.com/news/14/08/4783134/supply-glut-keeps-brent-near-13-month-low"> oil traded up 0.37 percent </a> to $95.93, while gold traded down 1.52 percent to $1,295.70.

Silver traded down 1.59 percent Friday to $19.59, while copper fell 0.05 percent to $3.11.

Eurozone

European shares <a href="http://www.benzinga.com/news/14/08/4783133/euro-steady-despite-soft-gdp-data"> were higher </a> today. The eurozone’s STOXX 600 rose 0.69 percent, while the Spanish Ibex Index climbed 0.92 percent. Meanwhile, the German DAX rose 0.83 percent and the French CAC 40 surged 0.95 percent while UK shares gained 0.70 percent.

Economics

The Empire State manufacturing index fell to 14.7 in August from 25.6 in July.

US producer prices rose 0.1% in July.

US industrial production climbed 0.4% in July, versus economists’ expectations for a 0.3% gain.

The preliminary reading of Reuters/University of Michigan's consumer sentiment index fell to 79.20 in August, versus a prior reading of 81.80. However, economists were expecting a reading of 82.50.