Retail News: J.C. Penney Company Inc (NYSE: JCP)

J.C. Penney Company, Inc. (NYSE: JCP) shares edged down 0.57 percent to $6.97 in after-hours trading on Wednesday following the retailer announced it plans to cut 2,000 jobs and close 33 stores.“These actions are expected to result in an annual cost savings of approximately $65 million, beginning in 2014,” the retailer said it a statement on Wednesday. “In connection with this initiative, the Company expects to incur estimated pre-tax charges of approximately $26 million in the fourth quarter of fiscal 2013 and approximately $17 million in future periods.”U.S. stocks rallied early in the session after investors weighed strong earnings from Bank of America Corp. (NYSE: BAC).Bank of America Corp. (NYSE: BAC) reported earnings of $3.44 billion, or 29 cents per share, for the fourth quarter, compared with a profit of $732 million, or 3 cents a share, a year earlier. Meanwhile, revenue for the bank soared 15 percent to $21.7 billion.After the bell, CSX Corp. (NYSE:CSX)shares fell 3.01 percent to $28.35 in extended-hours trading after the company issued EPS of 42 cents on $3 billion in earnings during the fourth-quarter, compared with Wall Street expectations for earnings of 43 cents per share on revenue of $3.01 billion.The Dow Jones industrial average rose 108.08 points, or 0.66 percent, to end at 16,481.94. The S&P 500 Index was up 9.50 points, or 0.52 percent, to close at 1,848.38. The Nasdaq Composite rose 31.87 points, or 0.76 percent, to finish at 4,214.88.