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Americans’ wealth shrank in the spring for the first time since early 2009 as financial turmoil eroded stock portfolios.
The Federal Reserve says household net worth fell 2.7 percent — or $1.5 trillion — in the April-to-June quarter. The decline left Americans’ net worth at $53.5 trillion. Get the full story »
J.C. Penney Co. forecast a full-year profit below Wall Street expectations and stoked concerns that it may need further discounts to clear merchandise built up last quarter, sending its shares lower.
Penney said its shoppers, who tend to have a lower household income and are more likely to turn to discount chains and dollar stores when budgets are tight, were vulnerable to weak economic conditions. Get the full story »
