Record for S&P 500; J.C. Penney Shrinking - Presented by: The Aol. On Network

The S&P 500 turns positive for the year as economic data and earnings inspire investors to get back in following a new year slump. Market gains were widespread with the S&P 500 hitting its first record high of the year. Bank of America set the tone. Quarterly profits were stronger-than-expected as it set aside less money to cover bad loans and revenues were solid in every major unit. Shares of the second-largest U.S. bank climbed more than 2 percent.

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