U.S. Stocks Rise to 5-Month High on Citigroup, Fed Speculation
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U.S. stocks rose to a five-month high, led by financial shares, after Citigroup Inc.’s earnings topped estimates and an unexpected drop in industrial production added to signs the Federal Reserve will help fuel the recovery.
Citigroup, the bank 12 percent-owned by U.S. taxpayers, rallied 5.4 percent to lead a measure of financial shares to the biggest gain among 10 groups. Hasbro Inc., the second-largest toymaker, advanced 3.8 percent after reporting higher-than-estimated earnings as sales of preschool products gained. Halliburton Co., the second-biggest oilfield-services provider, slumped 4.8 percent as profit missed some analysts’ estimates.