US stocks jump on good retail sales

Comment on this story
WallStreet1234 REUTERS The US bourse is set to open higher as European leaders get ready to meet.

New York - Wall Street stocks Monday opened decisively higher following a big jump in US retail sales and a better-than-expected earnings report from Citigroup.

Five minutes into trade, the Dow Jones Industrial Average advanced 83.52 points (0.52 percent) to 16,110.27.

The broad-based S&P 500 rose 12.74 (0.70 percent) to 1,828.43, while the tech-rich Nasdaq Composite Index jumped 35.58 (0.89

percent) to 4,035.31.

The early gains came on the heels of deep losses in the stock market Thursday and Friday.

US retail sales surged 1.1 percent higher in March to $433.9 billion as consumers ramped up spending following brutally cold weather earlier in the winter.

The Commerce Department also said February retail sales rose 0.7 percent from the prior month, raising its prior estimate of 0.3 percent.

The good retail sales data were accompanied by an earnings report from US banking giant Citigroup, which said profits excluding special items were $1.23 per share, above the analyst estimate of $1.14 per share.

Citi shares rose 4.1 percent. - Sapa-AFP

sign up

Comment Guidelines

  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines