“U.S. stocks rose, after paring an early rally in the Standard & Poor’s 500 Index (SPX), as better-than- estimated retail sales and earnings from Citigroup (C) Inc. overshadowed a slump in commodity prices and Apple Inc. (AAPL)
Citigroup soared 3.9 percent as results benefited from a tax benefit and a surge in bond-trading revenue. Texas Instruments Inc. (TXN) rose 2.4 percent on a report Amazon.com Inc. (AMZN) may buy its mobile chip unit. Valero Energy Corp. (VLO) and Occidental Petroleum Corp. (OXY) dropped as much as 1.1 percent as oil tumbled. Apple lost 0.1 percent after rising as much as 0.8 percent earlier.
The S&P 500 added 0.2 percent to 1,431.11 at 11:18 a.m. in New York. The Dow Jones Industrial Average (INDU) rose 23.20 points, or 0.2 percent, to 13,352.05. Trading in S&P 500 companies was 11 percent above the 30-day average at this time of day.
“The direction of the economic data is positive, but we’re moving at a very slow pace and the market is very fragile to external shock,” Dan Veru, who oversees $3.5 billion as chief investment officer at Palisade Capital Management LLC in Fort Lee, New Jersey, said in a phone interview. “The big question regarding earnings is whether expectations have come down enough so that companies can beat guidance.”
Stocks rose as the Commerce Department said retail sales rose 1.1 in September following a revised 1.2 percent increase in August that was the biggest since October 2010 and larger than previously reported. The median forecast of 77 economists surveyed by Bloomberg called for a 0.8 percent rise.”
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