Stocks snap higher on Wall Street; Citigroup up
Wall Street • Investors apparently shaking off the market's worst week in three months.
This is an archived article that was published on sltrib.com in 2014, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.
Stocks are closing sharply higher as the market shakes off its worst weekly performance in three months.
Citigroup rose 3 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 111 points, or 0.7 percent, to 17,055 on Monday.
The Standard & Poor's 500 index rose nine points, or 0.5 percent, to 1,977. The Nasdaq composite rose 25 points, or 0.6 percent, to 4,440.
Mylan rose 2 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 2.55 percent.