Stocks Rally, lifted by Retail Sales, Citi Earnings

U.S. stocks ended higher on Monday, after a stronger-than-expected rise in March retail sales and Citigroup’s quarterly results. The Dow Jones Industrial Average ended with a gain of 146.49 points, or 0.91%, at 16,173.24, while the S&P 500 rose 14.92 points, or 0.82%, to 1,830.61. The Nasdaq Composite gained 22.96 points, or 0.57%, to 4,022.69.

U.S. retail sales recorded their largest gain in 1-1/2 years in March, in the latest sign the economy was emerging from its weather- induced slumber and on track to accelerate in the second quarter. The Commerce Department said on Monday retail sales increased 1.1 percent last month, the biggest rise since September 2012.

Citigroup Inc reported a better-than-expected quarterly net profit as a smaller loss on its troubled assets made up for weakness in its core trading and lending businesses. First-quarter adjusted net income rose to $4.15 billion, or $1.30 per share, from $4.00 billion, or $1.29 per share a year earlier, the third-largest U.S. bank said on Monday.

Google Inc has acquired solar-powered drone maker Titan Aerospace as the Web search giant ramps up plans to deliver wireless Internet access to remote parts of the world.

Health insurance subsidies under the Affordable Care Act will cost slightly less than previously thought, helping to slow down the forecast growth of U.S.

T-Mobile (TMUS) announced Monday it was ending monthly overage fees, with outspoken chief executive John Legere forcefully pounding the message that the fourth-largest U.S. carrier will continue making war on its larger rivals for the rest of 2014.

About the Author

has written 15958 stories on this site.

Write a Comment

Gravatars are small images that can show your personality. You can get your gravatar for free today!

You must be logged in to post a comment.

Copyright © 2012 Nine Stocks