Stocks Start Higher, JCPenney’s CEO Bombshell
- Tuesday, April 9, 2013, 9:57
- Stock Market
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U.S. stocks were edging higher in the early trading on Tuesday after a strong start to the earnings season from Alcoa . The Dow Jones Industrial Average lately rose 15.01 points, or 0.10%, to 14,628.49. The S&P 500 index added 0.91 point, or 0.06%, to 1,563.98. The Nasdaq Composite gained 3.29 points, or 0.10%, to 3,225.54.
In a stunning end to one of the most aggressively unsuccessful tenures in retail history, JCPenney last night announced that CEO Ron Johnson would be leaving effectively immediately. Myron Ullman, Johnson’s predecessor at JCPenney, takes office as CEO.
China’s consumer inflation eased in March, data out Tuesday showed, with the less-than-expected rise in prices helping stocks but worrying some analysts. The consumer price index (CPI) for March rose 2.1% from a year earlier, a milder gain than the 2.4% projected in a Dow Jones Newswires survey, the National Bureau of Statistics said.
Fiat and Chrysler CEO Sergio Marchionne forecasts sales of between 4.3 million and 4.5 million cars in 2013, slightly higher than last year. Marchionne told shareholders Tuesday the company expects growth in the U.S., Latin America and Asia, while sales in Europe are forecast to decline for a sixth straight year.
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