- Stocks posted solid gains as robust U.S. retail sales data signaled economic growth after being bogged down in Q1 due to harsh weather, overriding concerns about rising instability in Ukraine.
- Citigroup's better than expected Q1 earnings lifted its shares and the financial sector, helping overall sentiment at the open.
- The Nasdaq regained its positive footing, even as many momentum stocks that have been hit hard in recent weeks fell after a morning rally; the tech sector held up fairly well but ended below session highs, while in a roller-coaster ride, the Nasdaq biotech index gained as much as 2.7% early, then swooned 1.1%, and finally ended flat.
- The dollar rose vs. other major currencies, while Treasurys posted slim losses, sending the benchmark 10-year yield higher by one basis point to 2.64%.
- Participation was below average, as fewer than 680M shares changed hands on the NYSE.
Upbeat retail sales data, Citigroup earnings lift stocks
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