– A + A NEW YORK/BENGALURU (May 17): US stocks rose on Tuesday, as Citigroup led a surge in bank shares after Berkshire Hathaway revealed a big stake and strong retail sales in April eased some concerns about slowing economic growth. Ten of the 11 major S&P sectors advanced, with financials and technology up 2% each. Microsoft Corp, Apple Inc, Tesla Inc and Nvidia Corp gained between 1.5% and 4.8%, providing the biggest boost to the S&P 500 and the Nasdaq. Banks jumped 3.1%, with Citigroup climbing 7.9%, after Warren Buffett’s Berkshire Hathaway disclosed a nearly US$3 billion investment in the US lender. “If you have exhausted sellers, there’s no one else left to sell … the market has really been pummeled,” said Mimi Duff, senior client advisor at investment advisory firm GenTrust. “So at the very sight of any good news you can get a bounce, but what we are really looking for is some consolidation.” US retail sales increased 0.9% in April, as consumers bought motor vehicles amid an improvement in supply and frequented restaurants. Another set of data showed industrial production accelerated 1.1% last month, higher than estimates of 0.5%, and followed by a 0.9% advance in March. “This is consistent… Read full this story
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