Stock finish strongly to close near session highs $C:xnys
- Published: 16 October 2012
- Positive Retail Sales data and encouraging Citi Group earnings helped lift the market. The market rallied late to close the session near its highs
- Retail Sales and Business Inventories data was stronger overnight however the market was disappointed with New York State Manufacturing Data which contracted for the third month in a row
- European shares rallied strongly and provided a good lead in for US markets after German Finance Minister Wolfgang Schauble stated that Greece would not default and that a Greek exit would be damaging for all concerned
- Most of the key S&P sectors ended in positive territory with health care and financials moving higher. Telco stocks ended the session weaker
- Citi Group led the gains in financials rallying 5.5% after it beat earnings
- Eli Lilly rallied 4.12% after the pharmaceutical giant announced that a stomach cancer drug had met goals in a late stage clinical trial
- DOW +0.72%, S&P500 +0.81% and NASDAQ +0.66%
- USD took on a weaker tone as risk appetite increased after better retail sales
- Spot gold fell on better retail sales, Oil rallied on supply and Mid East fears
