According to Russ Parsons in "How to Pick a Peach" (which discusses the proper choosing, storing and cooking of a myriad of fruits and vegetables), here's how to store peaches and nectarines:
"If you buy fruit that is too firm, leave it at room temperature. Only when it begins to ripen should you move it to the refrigerator. In fact, chilling underripe fruit is about the worst thing you can do: it will turn the flesh mealy and dry."Could this help explain why so many supermarket peaches, which are picked off their trees way too early and refrigerated until they hit store shelves, are so unfruitful?
And while ripening, Parsons says to "make sure to turn the fruit once a day or so to prevent any spoil spots from developing."
I find that placing the stem side down allows for a little more wiggle room.
By the way, my friend cut the bruised area off the peach and enjoyed the rest, something my grandmother (born 1901 in the Old Country) would have done.