Retail and Earnings Reports Give Stocks a Boost
(NEW YORK) — After what was the worst week in more than four months, the market rebounded with a push from increased retail sales and earnings from Citigroup that surpassed expectations.
On Monday, the Dow rose 95 points to close at 13,424, the largest daily advancement the index has seen in more than a month. The Nasdaq closed up 20 to 3,064, while the S&P rose 11.5 points to 1,440.
Retail sales, which drive about two-thirds of the U.S. economy, rose sharply in September, as Americans bought more cars, gasoline and electronics.
Meanwhile, Citigroup beat Wall Street predictions for quarterly earnings after stripping out a big loss on its retail brokerage and other charges. The company’s stock rose 5.5 percent to $36.66.
Copyright 2012 ABC News Radio