Midday Report: Stocks Inch Higher Following 2 Days of Big Gains
Feb 28th 2013 12:20PM
Updated Feb 28th 2013 2:14PM
NEW YORK (AP) - A rally is losing steam on Wall Street as indexes inch higher following two days of triple-digit gains.The Dow Jones industrial average was up 16 points at 14,091 at midday. It's just 73 points below the record high it reached in October 2007. The Dow had jumped 291 points over the past two days on new signs of strength in the housing market and a jump in consumer confidence.
The Standard & Poor's 500 was up two at 1,518. The Nasdaq composite edged up seven to 3,169.
J.C. Penney (JCP) plunged 19 percent after the struggling department store chain reported a full-year loss that was bigger than analysts were expecting.
Wendy's (WEN), Domino's (DPZ) and the clothing chain Chico's (CHS) were all up after reporting higher profit and revenue.