Stocks Shoot Higher on Citigroup Profit News

By: Associated Press
By: Associated Press

Wall Street has had its best day of the year, storming higher after some good news from Citigroup.

Citigroup Inc. says it operated at a profit during the first two months of the year. That energized financial stocks and in turn, the entire stock market.

However, many analysts are still cautious -- noting that Wall Street has seen many blips higher since the credit crisis and recession began. And no one is confident this advance will hold.

According to preliminary calculations, the Dow Jones industrial average is up 379 at 6,926. The Standard & Poor's 500 index is up 43 at 720. The Nasdaq composite index is up 90 at 1,358.

More than 15 stocks rose for every one that fell on the New York Stock Exchange. Volume came to 2.17 billion shares.

(Copyright 2009 by The Associated Press. All Rights Reserved.)


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