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Wall Street bounces back on upbeat earnings, retail sales

English.news.cn   2014-04-15 07:31:18

NEW YORK, April 14 (Xinhua) -- U.S. stocks rallied Monday to start the week, rebounding from the sell-off last week, as Citigroup's better-than-expected quarterly earnings and robust retail sales boosted market sentiment.

The Dow Jones Industrial Average gained 114.22 points, or 0.71 percent, to 16,140.97. The S&P 500 rose 14.83 points, or 0.82 percent, to 1,830.52. The Nasdaq Composite Index rallied 38.77 points, or 0.97 percent, to 4,038.50.

The market opened higher before staging a choppy session, as Citigroup's positive earnings results reassured investors who had been disappointed by the earnings released Friday from JPMorgan Chase & Co., the largest U.S. bank by assets.

Shares of Citigroup jumped 4.33 percent to 47.66 dollars apiece after the third largest U.S. bank reported Monday a net income for the first quarter of 3.9 billion U.S. dollars, or 1.23 dollars per diluted share, on revenues of 20.1 billion dollars, beating analysts' expectations.

Wells Fargo & Company, the biggest mortgage lender in the country, also topped analysts' forecast on its first-quarter earnings Friday.

However, the upward momentum seemed to be limited, as investors were reluctant to make a big bet before garnering more evidence of the health of the world's largest economy from earnings of other major U.S. banks due out later in the week, including Bank of America on Wednesday and Morgan Stanley and Goldman Sachs on Thursday.

On the economic front, U.S. retail sales jumped 1.1 percent in March, the biggest increase in one and a half years, said the Commerce Department Monday.

In a separate report, however, the department said U.S. business inventories rose 0.4 percent in February, climbing less than market consensus.

The three major stock indices logged sharp losses last week amid concerns over a tech bubble and the ongoing earnings season, with the blue-chip Dow snapping a three-week winning streak, while both the broader S&P 500 and the Nasdaq logged the largest weekly drops since June 2012.

The CBOE Volatility Index, widely considered the best fear gauge in the market, dipped 5.40 percent to end at 16.11 Monday.

In other markets, oil prices advanced Monday as the situation in Ukraine deteriorated significantly over the weekend. Light, sweet crude for May delivery moved up 31 cents to settle at 104.05 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery gained 1.74 dollars to close at 109.07 dollars a barrel.

Gold futures on the COMEX division of the New York Mercantile Exchange climbed on Monday to their highest level in three weeks, as growing tensions in Ukraine increased the metal's safe-haven appeal for investors. The most active gold contract for June delivery was up 8.5 dollars to settle at 1,327.5 dollars per ounce.

The U.S. dollar gained against most major currencies Monday, boosted by better-than-expected U.S. retail sales data.

In late New York trading, the euro dropped to 1.3821 dollars from 1.3886 dollars of the previous session, and the British pound decreased to 1.6727 dollars from 1.6745 dollars.

Editor: Fu Peng
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