Stocks Open Higher After Steep Sell-Off

By: Associated Press
By: Associated Press

Wall Street is experiencing some relief, with stocks opening sharply higher, following a report that a pounded-down Citigroup Inc. might put itself up for sale.

That prospect and moves by bargain-hunters after two days of steep selling is helping stocks show a rebound in the first minutes after the opening bell Friday.

The market's optimism about Citi and the financial sector overall follows a Wall Street Journal report that Citigroup is considering the possibility of selling parts of itself or even the entire company.

The Dow Jones industrial average is up 150, or 2 percent, at the 7,700 level after a two-day slide of more than 10 percent. The other major indexes are showing similar percentage gains.

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