By and  on March 5, 2013

Wall Street rallied to its highest close ever today, shaking off, at least from a stock perspective, the funk of the recession and the financial crisis.

But the proverbial rising tide was not enough to lift all boats. J.C. Penney was dogged by sharp declines following reports that key investor Vornado Realty Trust was selling 10 million of its shares of the struggling retailer. Vornado’s chairman, Steven Roth, sits on Penney’s board and helped activist investor William Ackman shake up the Penney's operations.

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