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October 15, 2012

Stocks higher after retail sales improve

From The Associated Press

NEW YORK — Stocks opened higher Monday on Wall Street after a strong report on retail sales.

The Commerce Department said retail sales rose 1.1 percent last month after a 1.2 percent increase in August. Those are the largest gains since October 2010 and could reflect growing confidence in the economy.

In the first half-hour of trading, the Dow Jones industrial average was up 33 points at 13,361. The Standard & Poor’s 500 index was up four points at 1,432. The Nasdaq composite index was up 13 at 3,057.

Citigroup stock opened higher after the bank beat Wall Street earnings estimates. The stock was up $1.06 at $35.81. The bank made $1.06 per share from July through September after excluding special items, beating a prediction of 96 cents.

A round of economic figures from China helped support markets in Europe at the start of a week that could offer greater clarity on the economic fates of Greece and Spain.

Figures showing China’s inflation rate fell to 1.9 percent in September from 2 percent the month before reinforced investor hopes for more stimulus for in the world’s second-largest economy.

The benchmark stock index in Germany was up 0.6 percent. Stocks climbed 1.1 percent in France and 0.4 percent in Britain. Stocks finished mostly higher in Asian markets.

In the United States, investors sold government bonds and drove yields slightly higher. The yield on the 10-year U.S. Treasury note rose to 1.67 percent from 1.66 percent Friday.

The price of crude oil fell $1.37 to $90.48 per barrel.

 

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