Stocks rebound on retail, Citigroup.
U.S. stocks rebounded Monday from the worst weekly losses in two years, weathering a selloff at the start of the final hour, after data showed retail sales increased the most since 2012 and Citigroup Inc. earnings rose unexpectedly.
Citigroup advanced 4.4 percent as the company recouped funds set aside for bad loans and cut losses at a division holding unwanted assets. Edwards Lifesciences Corp. gained 11 percent after a court ruled to limit U.S. sales of peer Medtronic Inc.'s CoreValve system.
"When you have a market down so much over the past few weeks, people are getting a little bit worried,'' said Brent Schutte, senior investment strategist at BMO Global Asset Management in Chicago. "Anytime you get incrementally better U.S. data and decent earnings, you have a backdrop to go higher.''
A retreat in so-called high-beta stocks including Facebook Inc. dragged the Nasdaq Composite down as much as 0.3 percent during the day.
"Right now everyone is watching beta to figure out whether or not the beta flush trade is over,'' said Yousef Abbasi, a market strategist at JonesTrading Institutional Services LLC in New York. "That is dictating overall market sentiment.''
-- Bloomberg News
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|Publication:||Telegram & Gazette (Worcester, MA)|
|Date:||Apr 15, 2014|
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