The broad indexes all rose 1% after the U.S. Department of Commerce announced that retail sales in September increased 1.1% from August and 5.4% from a year earlier, to an estimated $412.9 billion. While it is the smallest type of business listed among the broad categories in the Commerce Department's report, the category with the largest year-over-year improvement for sales during the first nine months of 2012 was furniture and home furnishing stores, with retail sales rising 8.8% to $70 billion. This is the latest of many indicators for a housing recovery.
The KBW Bank Index (I:BKX) rose 1% to close at 50.50, with 16 of the 24 index components showing gains for the session.
Citigroup reported third-quarter earnings of $468 million, or 15 cents a share, declining from 95 cents during the second quarter, and $1.23 during the third quarter of 2012.It was a messy quarter for Citi, including a $4.7 billion pre-tax loss on the company's sale of a 14% stake in the Morgan Stanley Smith Barney joint venture, and the write-down of its remaining stake in the joint venture, as well as a negative $776 million in debit valuation adjustments, as well as a $582 million tax benefit. Excluding these items, the company earned $3.3 billion, or $1.06 a share during the third quarter, beating the consensus estimate of 96 cents a share, among analysts polled by Thomson Reuters. "We calculate this is equivalent to a
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