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Markets Gain on Citigroup Earnings and Retail Sales (C)

By: , dated October 15th, 2012
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.

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