U.S. stocks rally on upbeat earnings, Sallie Mae buy-out

11:41 am ET Apr 16, 2007

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U.S. stocks rally on upbeat earnings, Sallie Mae buy-out

NEW YORK
U.S. stocks rallied on Monday, lifting the Dow Jones Industrial Average
by over 100 points, with sentiment boosted by upbeat earnings from
blue-chip stock Citigroup Inc. and by a $25 billion leveraged buyout of
educational lender Sallie Mae.

Sallie Mae going private for $25 billion

WASHINGTON
Shares of student-loan firm Sallie Mae jumped about 18% Monday after the
the company agreed to sell itself to a group of private-equity firms and
two major banks for $60 a share, or about $25 billion, the companies
said Monday.

Economic Report: March retail sales rise 0.7% on gas, clothing

WASHINGTON
U.S. retail sales increased 0.7% in March, led by higher spending for
clothing, gasoline and building materials, the Commerce Department
reported Monday.