Banks, pharma drive Dow to biggest gain in a month

Associated Press Modified: October 15, 2012 at 3:16 pm •  Published: October 15, 2012
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The Dow Jones industrial average is closing with its biggest gain in a month after a strong retail sales report and strong earnings from Citigroup brought buyers into the market.

The Dow rose 95 points to close at 13,424 Monday, its biggest gain since September 13.

The Standard & Poor's 500 index was up 12 points at 1,440 and the Nasdaq composite index rose 20 points to 3,064.

Companies that rely on consumer spending rose after the government reported that retail sales rose 1.1 percent last month. September and August had the two largest gains since October 2010.

Citi led bank stocks higher. Drugmaker stocks also rose sharply.

Two stocks rose for every one that fell on the New York Stock Exchange. Volume was average at 3.4 billion shares.


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