U.S. stocks rose on Monday as data showed an increase in retail sales in September and Citigroup Inc.’s core third-quarter earnings exceeded analyst estimates.
The Dow Jones Industrial Average gained 24 points, or 0.2%, to 13,353, with 23 of its 30 components trading higher.
Bank of America Corp. and J.P. Morgan Chase & Co. were the top gainers in the blue-chip Dow index.
The S&P 500 Index edged up 1.95 points to 1,430.55 in morning trade, with information technology gaining the most and telecommunications weighing the most among its 10 major sectors.
Shares of Citigroup rose 2%, making the bank one of the top gainers in the S&P 500. The bank said its third-quarter profit slumped 88% to $468 million, but its core earnings of $1.06 a share topped estimates, with analysts polled by Thomson Reuters forecasting 96 cents a share
Also boosting sentiment in the equity market, the Commerce Department reported Monday that retail sales rose a seasonally adjusted 1.1% in September, which was slightly more than economists had expected.
In deal news, Japan’s Softbank Corp. said Monday it will buy 70% of Sprint Nextel Corp. in a deal valued at around $20 billion. Shares of Sprint gained 0.7%.
The Nasdaq Composite Index rose 7 points, or 0.2%, to 3,051.
Marketwatch
