U.S. Stocks Halt Two-Day Slide Amid Retail Sales Data
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U.S. stocks rose, with the Standard & Poor’s 500 Index trimming morning losses for a ninth consecutive day, as data on retail sales reinforced signals the economy is expanding moderately.
Apple Inc. rallied 4.8 percent after billionaire investor Carl Icahn disclosed a “large position” in the stock. Bank of America Corp. and Citigroup Inc. jumped more than 0.6 percent after analyst Dick Bove said the shares would double. PulteGroup Inc. dropped 2.3 percent as homebuilders slid amid rising interest rates. U.S. Airways Group Inc. sank 13 percent after the Justice Department recommended blocking a planned merger with American Airlines.