Economy | News-Opinion
CLOSING BELL: October 15th: DJIA: 13,424.23 | UP 95.38 | +0.72%
OIL: $91.85 DOWN 0.01, -0.01%
GOLD: $1,737.60, DOWN 22.10, -1.26%
GASOLINE (US Avg): $3.787, DOWN .007
Wall Street rallies on Citigroup’s earnings, retail sales
Caroline Valetkevitch, Reuters – Stocks climbed on Monday, rebounding from last week’s losses after Citigroup’s earnings and retail sales sharply exceeded expectations.
Citigroup Inc (C.N) shares shot up 5.5 percent to $36.66 and gave the biggest lift to the S&P 500 after the third-largest U.S. bank reported quarterly adjusted earnings that surged from the year-ago quarter and beat expectations. The growth came as mortgage lending increased and capital markets results rebounded.
Results from Goldman Sachs (GS.N) are expected Tuesday. The stock gained 3.6 percent to $124.50 on Monday, while the S&P financial index .GSPF rose 1.2 percent.
Worries about third-quarter U.S. earnings have put a damper on stocks in recent weeks, with the S&P 500 falling 2.2 percent last week – its worst weekly performance in four months. But the S&P 500 is still up 14.5 percent for the year.
Read the full story at Reuters [here]
The Common Good publishes a financial market wrap-up every weekday after markets close, available here.
