J.C. Penney (JCP) surged Friday after the struggling retailer announced plans to slash up to a third of its $5 billion in pension obligations. The company plans to do so through lump sum payments and early retirement offers. Stocks reversed earlier losses tied to a disappointing jobs report to close sharply higher. Rallies in the energy and biotech sector helped to overshadow earlier weakness. Crude oil closed higher for the day after the number of active oil rigs in the U.S. fell by 26 to 614 over the past week. West Texas Intermediate closed above $45 a barrel. The increase in oil prices boosted the energy sector. Among the top performers, Exxon Mobil (XOM) added 2.5%, Shell (RDS.A) climbed nearly $2 a share, Chevron (CVX) closed up 4%, and BP (BP) rose 5%.
More from Video
Conagra Brands Looks Tastier After Its Upgrade to Buy
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.
Biogen Bulls Get a Lift From Quant Upgrade and Strengthening Charts
Breaking down an approach to the long side of this biotech stock.
Is Renewable Energy the Defensive Stock Opportunity You're Missing
AMSC CEO discusses that and China challenges.
Takeda Pharmaceutical CEO Talks Big Pharma Trends
One of pharma's biggest CEO's talks M&A action on the exchange.
Real Money Video Wrap: Citi Surges as View of Stability Saves Sentiment
Citi overcame a mixed print to send its stock surging on Monday.
Real Money's message boards are strictly for the open exchange of investment ideas among registered users. Any discussions or subjects off that topic or that do not promote this goal will be removed at the discretion of the site's moderators. Abusive, insensitive or threatening comments will not be tolerated and will be deleted. Thank you for your cooperation.
If you have questions, please contact us here.