Shares of retailers and other consumer-services companies rose as Amazon.com's robust earnings report and sky-high consumer confidence boded well for holiday spending. The concern among investors, however, is that more and more spending is migrating away from bricks-and-mortar stores and onto the internet. The University of Michigan said its final October reading of consumer sentiment was 100.7, up from 95.1 in September. JCPenney shares slid after the department store warned it expected to post a much wider-than-anticipated loss for the current quarter and slashed its earnings estimate for the year. Penney said its decision to discount and clear out slow-moving inventory in women's apparel and other clothing departments increased revenue in September and October but significantly hurt earnings. Shares of JCPenney's peers, such as Macy's, fell in sympathy.
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(END) Dow Jones Newswires
October 27, 2017 16:27 ET (20:27 GMT)