US stocks edge higher on stronger retail earnings

AP News
Posted: Feb 27, 2014 9:49 AM

NEW YORK (AP) — The U.S. stock market edged higher in early trading after some big retailers reported stronger earnings.

J.C. Penney and Best Buy rose sharply after improving their performance in the latest quarter.

The Dow Jones industrial average rose seven points, or 0.05 percent, to 16,205 shortly after the market opened Thursday. The Standard & Poor's 500 index nudged up one point, or 0.06 percent, to 1,846, and the Nasdaq climbed four points, or 0.12 percent, to 4,296.

Best Buy climbed $1.24, or 4.8 percent, to $26.84 after it returned to a profit in the fourth quarter. Its stock rose the most in the S&P 500 index.

J.C. Penney surged $1.25, or 21 percent, to $7.21 after the department store swung to a small profit from a massive loss a year earlier.