US STOCKS-Wall St set to open flat after hitting record highs
* J.C. Penney up after reporting smaller-than-expected loss
* U.S. retail sales growth flat in July
* Futures: Dow up 9 pts, S&P down 0.5 pts, Nasdaq down 0.25 pts (Adds details, comments, updates prices)
By Yashaswini Swamynathan
Aug 12 (Reuters) - Wall Street was set to open little changed on Friday as investors take a breather after all three major indexes closed at record highs for the first time since 1999.
Strong department store earnings, coupled with a sharp rise in oil prices and robust labor market data, were major catalysts for Thursday's rally.
U.S. retail sales were unexpectedly flat in July as Americans cut back on purchases of clothing and other goods.
Strong economic data and better-than-expected quarterly earnings have lifted the valuation of the S&P 500 index above the historical average.
The index is priced at about 17 times forward earnings, compared with a 10-year historical average of 14, according to Thomson Reuters data. Continuación...