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News Summary: Citi shedding units, courting Fed

Submitted by Fox First at Ten on October 15th

By The Associated Press BYE-BYE, BROKERAGE: Citigroup negotiated last month to sell its remaining stake of its retail brokerage to Morgan Stanley. But Citi didn't get as much money as it was hoping for, and it had to take a $4.7 billion charge to third-quarter earnings. COURTING THE FED:

THE RACE: Obama and Romney prep for 2nd debate

Submitted by Fox First at Ten on October 15th

By TOM RAUMAssociated Press President Barack Obama and Republican Mitt Romney practiced for their second debate as the economy posted another set of positive numbers just over three weeks from Election Day. The stakes for Tuesday's town-hall debate at Hofstra University on New York's

Stocks head higher after retail sales improve

Submitted by Fox First at Ten on October 15th

By The Associated Press 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 Monday. The Standard & Poor's 500 index was up six points at 1,434 and the

Oil finishes virtually unchanged from Friday

Submitted by Fox First at Ten on October 15th

NEW YORK (AP) - A late-day surge left oil prices virtually unchanged Monday, erasing losses of more than two percent. Earlier in the day, the focus was on weaker oil demand. Traders seemed to warm slowly to some positive U.S. economic news as the day went along. Higher U.S. stock prices may have

US business stockpiles grew 0.6 percent in August

Submitted by Fox First at Ten on October 15th

By MARTIN CRUTSINGERAP Economics Writer WASHINGTON (AP) - U.S. companies restocked their shelves at a solid pace in August while sales rose for a second straight month. The combination of higher stockpiles and increased sales should help to boost economic growth. Business inventories grew 0.6

Stocks higher after retail sales improve

Submitted by Fox First at Ten on October 15th

By JOSHUA FREEDAP Business Writer Stocks rose on Monday after a strong gain in retail spending suggested that consumers could be getting more confident about the economy. Bank stocks rose broadly after Citigroup delivered a strong earnings report. The Dow Jones industrial average rose 95.38

Stocks higher after strong retail sales report

Submitted by Fox First at Ten on October 15th

NEW YORK (AP) - Stocks are opening higher on Wall Street after a strong report on retail sales. The Commerce Department says 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

Confident consumers give US retail sales a lift

Submitted by Fox First at Ten on October 15th

By MARTIN CRUTSINGERAP Economics Writer WASHINGTON (AP) - Americans spent more money at retailers in September - a buying surge that reflected growing consumer confidence and the launch of the latest iPhone. Retail sales jumped 1.1 percent last month, producing the best two months of sales in

Mortgage comeback? Citigroup isn't so sure

Submitted by Fox First at Ten on October 15th

By CHRISTINA REXRODEAP Business Writer NEW YORK (AP) - Citigroup isn't as enthusiastic as its peers about a comeback in the housing market. On Friday, executives at Wells Fargo and JPMorgan Chase declared that the long-struggling market had turned a corner. On Monday, Citigroup's top

US futures rebound after last week's sell-off

Submitted by Fox First at Ten on October 15th

NEW YORK (AP) - Stock futures rebounded Monday after the worst trading week in more than four months, as retailers put up strong numbers and economists awaited more indications of rising optimism for other sectors. Dow Jones industrial futures rose 50 points to 13,295. The broader S&P futures