Mid-Morning Market Update: Markets Open Higher; Citigroup Results Beat Estimates
Following the market opening Monday, the Dow traded up 0.38 percent to 16,087.12 while the NASDAQ surged 0.45 percent to 4,017.76. The S&P also rose, gaining 0.46 percent to 1,824.12.
Leading and Lagging Sectors
In trading on Monday, non-cyclical consumer goods & services shares were relative leaders, up on the day by about 0.64 percent. Among the leading sector stocks, gains came from Diageo plc (NYSE: DEO) and Adecoagro SA (NYSE: AGRO). Telecommunications services sector was the leading decliner in the US market today.
Citigroup (NYSE: C) reported better-than-expected first-quarter results. Citigroup's quarterly profit surged to $3.94 billion, versus a year-ago profit of $3.81 billion. On a per-share basis, it earned $1.23. Excluding one-time items, its earnings rose to $1.30 versus $1.29. Its revenue declined to $20.12 billion. However, analysts were projecting earnings of $1.14 per share on revenue of $19.37 billion.
Equities Trading UP
Aspen Insurance Holdings (NYSE: AHL) shares shot up 15.57 percent to $45.50 after Endurance Specialty Holdings (NYSE: ENH) offered to buy Aspen Insurance for $47.50 per share in a cash and stock deal.
Medtronic (NYSE: MDT) shares tumbled 3.27 percent to $57.26 on Federal District Court ruling preventing the company from selling its CoreValve System in the US as a result of Edwards Lifesciences (NYSE: EW) patent infringement verdict.
Ericsson (NASDAQ: ERIC) was down, falling 3.85 percent to $12.63 after the company announced a change in executive leadership team.
In commodity news, oil traded down 0.10 percent to $103.64, while gold traded up 0.30 percent to $1,322.90.
Silver traded down 0.31 percent Monday to $19.89, while copper rose 0.28 percent to $3.05.
European shares were mixed today.
The Spanish Ibex Index fell 0.35 percent, while Italy's FTSE MIB Index gained 0.27 percent.
Meanwhile, the German DAX rose 0.09 percent and the French CAC 40 fell 0.03 percent while U.K. shares declined 1.12 percent.
US retail sales rose 1.1% to $433.9 billion in March, versus an upwardly revised 0.7% gain in February.
Economists were estimating total sales to increase 0.9%. US business inventories rose 0.40% in February, versus economists' expectations for a 0.50% gain. The Treasury is set to auction 3-and 6-month bills.
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