J.C. Penney Dropped From S&P 500

J.C. Penney Company, Inc. (NYSE:JCP) will be removed from the S&P 500 at the end of the week, following years of declining market value. J.C. Penney Company, Inc. (NYSE:JCP) was one of the original companies listed on the index when it was first created in 1957 and one of just 68 of the original companies currently still on the list, reports Steven Russolillo for The Wall Street Journal. Since many investment products are benchmarked to the S&P 500 (INDEXSP:.INX), you can expect managers to start selling off J.C. Penney stock once it is officially off the index if not before. J.C….