US stock futures rise after retail sales increase

Staff Writer
Columbus CEO

U.S. stocks appeared ready to start the week higher, following news that U.S. retail sales in March rose by the largest amount in 18 months. Citigroup also turned in better quarterly results than expected early Monday.

KEEPING SCORE: Dow Jones industrial average futures rose 67 points, or 0.4 percent, to 16,049, as of 8:50 a.m. Eastern time. Standard & Poor's 500 index futures rose 10 points, or 0.6 percent, to 1,822. Nasdaq futures rose 21 points, or 0.6 percent, to 3,465.

The S&P 500 dropped 2.7 percent last week, its worst weekly showing since January.

CITI: Citigroup reported a 2.5 percent increase in first-quarter profit. Both profits and revenue beat Wall Street's expectations. Citi's shares surged $1.68, or 4 percent, $47.35 in premarket trading.

SALES UP: Retail sales rose 1.1 percent in March, the best showing since September 2012, the Commerce Department reported. The government also revised February's figure to a 0.7 percent gain, more than double its previous estimate. Sales dropped in January and December.

OVERSEAS: Europe markets were little changed. Germany's DAX fell 0.1 percent while France's CAC-40 rose 0.04 percent. The FTSE 100 index of leading British shares was flat. In Asia, Hong Kong's Hang Seng index rose 0.2 percent.

BONDS AND COMMODITIES: In government bond trading, the yield on the 10-year Treasury note inched up to 2.64 percent from 2.63 percent late Friday. The price of crude oil slipped 19 cents to $103.54 a barrel. Gold rose an even $5 to $1,324 an ounce.