Economic data wasn't that inspiring either way Friday as Consumer Sentiment increased (75.3 vs 72.5 previous & expected 73) which may be pre-gas spike data. And, new home sales were static (321K vs 324K previous and 315K expected).
Earnings from JC Penney (NYSE:JCP) were much in view but a trained financial archeologist would have a hard time figuring it out given all the write downs and adjustments. The net result is a loss and hopes that their new pricing strategy will work. It's the chance the company is taking.
The retail sector (NYSEARCA:XRT) overall is still caught between better confidence data but mixed results. Newmont Mining (NYSE:NEM) reported a loss based on a write down of a single large mining project. However, the company's reserves increased by 5.6% and they're carrying the reserves at only $1,200 per ounce for gold. Nevertheless, as opposed to JCP, NEM got sold hard as gold prices were also weaker Friday which also negatively affected gold miners (NYSEARCA:GDX) overall.