Markets Gain on Citigroup Earnings and Retail Sales (C)

On Monday it was announced that September retail sales beat what was previously forecasted, rising 1.1% for the month. Many say the release of Apple’s (AAPL) newest iPhone caused most of the increase, along with sales of automobiles and back-to-school supplies. Another report released today was the level of business inventories for August which increased 0.6%. Citigroup (C) posted earnings for the third quarter, beating expectations and sending stocsk up. The US dollar made small gains on speculation over the EU summit occurring at the end of this week and prospects for a Spanish bailout. Gold had its biggest one-day drop on Monday since July, falling 1% or over $20-an-ounce due to global stock market rallies.

Word on the Street

• Latest retail sales report beats expectations with a 1.1% advance for the month of September.
• The euro drops against the dollar as investors await news from Spain about a bailout.
• Citigroup (C) to reap benefits from Asian deal activity after being hit by a writedown.
• Apple (AAPL) hires Amazon (AMZN) executive Stasior to run Siri business unit.
• US inventories rise to $1.6 trillion in August due to the increase of auto stocks.
• Gold closes with more than a $20 per ounce loss, pulled down by data from world economies.
• Google (GOOG) ventures into the loan business in the UK for their AdWords program.
• Advanced Micro Devices (AMD) cuts estimates and sees shares drop over 10%.

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