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Published: Monday, 10/15/2012

Stocks head higher after retail sales improve

Stocks climb after strong increase in retail spending last month; Citi beats profit estimates


NEW YORK -- Stocks are moving higher on Wall Street in midday trading after another strong pickup in retail spending.

The Dow Jones industrial average was up 59 points at 13,387 shortly before noon today.

The Standard & Poor's 500 index was up six points at 1,434 and the Nasdaq composite was up 10 at 3,054.

The Commerce Department said retail sales rose 1.1 percent last month after a 1.2 percent increase in August. Those are the largest gains since October, 2010, and could reflect growing confidence in the economy.

Citigroup stock rose after the bank beat Wall Street's earnings estimates. The stock was up $1.60 at $36.35. The bank made $1.06 per share from July through September after excluding special items, beating a prediction of 96 cents.

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