Stocks snap higher in midday trading; Citigroup up
US stocks march higher, shaking off worst week in three months; Citigroup gains on settlement
Stocks are moving sharply higher in midday trading as the market shakes off its worst weekly performance in three months.
Citigroup rose 4 percent after the bank turned in better results than Wall Street expected. The bank also said it had reached a settlement in an investigation into its mortgage securities business.
The Dow Jones industrial average rose 132 points, or 0.8 percent, to 17,076 in midday trading Monday.
The Standard & Poor’s 500 index rose 11 points, or 0.6 percent, to 1,979. The Nasdaq composite rose 33 points, or 0.8 percent, to 4,448.
Mylan rose 3 percent after the company said it will buy Abbott Laboratories’ generic-drug business.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.54 percent.