Markets up on Positive Global Economic Outlook (JCP, AAPL)

The Census Bureau reported that retail sales in May fell by less than projected. This and other promising economic data led stocks to rise today. One stock in particular that saw a dramatic rise was J. C. Penney’s (JCP), which jumped 18% on news that Apple’s (AAPL) retail-chief would be coming on board as the company’s new CEO. Meanwhile, as Congress moves into budget deliberations, Federal Reserve Chairman Ben Bernanke warned against any delay of raising the debt ceiling. Bernanke claimed that the federal government’s creditworthiness was at risk if action was no taken soon.

Word on the Street

• Stocks were up today on positive economic news.
• Lockheed Martin (LMT) will be cutting 1,200 jobs.
• Federal Reserve Chairman Ben Bernanke warned that failing to raise the debt ceiling could be catastrophic.
• Positive economic news and uncertainty over government debt has Treasury prices falling fast.
• J. C. Penney’s (JCP) new CEO was Apple’s (AAPL) retail-chief.

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