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March Retail Sales Surprise, World Bank Selects New President

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Published on Apr 16, 2012

U.S. stocks mostly rose on Monday, spurred on by retail sales in March that surprised on the upside and suggested economic growth was not as weak as many had feared.

The Dow rose as robust retail sales helped large-cap consumer stocks, but a 3 percent slide in Apple hurt the Nasdaq.

In international news... The World Bank on Monday selected Jim Yong Kim as its next president. The World Bank presidency has gone to a U.S. candidate since the organization was founded at the Bretton Woods conference.

The World Bank had a choice between the Nigerian finance minister and Kim, president of Dartmouth College. It was the first time that a non-U.S. candidate has been a major challenger for the position.

And in company news... Citigroup Inc. reported underwhelming first-quarter earnings on Monday that narrowly missed analyst expectations on both profit and revenue.

The New York-based banking giant reported earnings of $2.93 billion, or 95 cents per share, on revenues of $19.41 billion.

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