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Stocks rebound helped by bank rally

Thursday, March 12, 2015 - 01:23

Stocks moved higher in Thursdays trading session; Retail sales fell for the third straight month; Houshold net worth hit a new record. Bobbi Rebell reports.

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Investors went shopping for financial stocks a day after most banks passed the Fed's stress tests, helping the markets rebound from the recent selloff. Economic news was mixed. Weekly jobless claims fell more than expected, but retail sales fell for the third straight month in February. IHS Global Insight's Chris Christopher says the report won't though, impact the Fed's timing for interest rates hikes. SOUNDBITE: CHRIS CHRISTOPHER, DIRECTOR OF GLOBAL & U.S. CONSUMER MARKETS, IHS GLOBAL INSIGHT (ENGLISH) SAYING: "We are calculating that most likely the Fed is going to raise rates in June. And if they don't do it in June, they will do it in September." Americans are getting richer. Household net worth hit a record $83 trillion in the 4th quarter of last year, according to the Federal Reserve. Disney stock heated up on confirmation there is a sequel in the works for the blockbuster movie "Frozen." Shares of Lumber Liquidators rose after the retailer defended the safety of its products, offering customers free home tests to check air quality. The company faces government probes over claims that its flooring products had dangerous levels of a carcinogen. Intel stock fell. The blue chip chipmaker cut its revenue forecast for the first quarter. In Europe, stocks were mixed. A rebound in energy stocks helped lift the FTSE 100.

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