Don't miss

Replay


LATEST SHOWS

ENCORE!

The highs and lows of Cannes for the critics

Read more

EYE ON AFRICA

Remembering our friend and colleague Jean Karim Fall

Read more

MEDIAWATCH

Bad diplomacy, brawls & bromance

Read more

ENCORE!

Cannes 2017: Pitch Perfect's Brittany Snow becomes an urban warrior

Read more

THE WORLD THIS WEEK

US President wraps up world tour in Italy (Part 1)

Read more

THE WORLD THIS WEEK

US President wraps up world tour in Italy (Part 2)

Read more

FOCUS

The battle against illegal fishing in West Africa

Read more

DOWN TO EARTH

Trump has already quit the Paris climate deal - just not publicly

Read more

#TECH 24

The Ice Memory Project: A treasure trove for future scientists

Read more

Business

Citigroup results boost Wall Street

Latest update : 2009-03-11

After struggling US banking giant Citigroup announced better-than-expected results, Wall Street ended on a rise. The Dow Jones was up 5.7 percent, and the tech-dominated Nasdaq gained 7.07 percent.

AFP - Wall Street soared Tuesday in an explosive rally after troubled banking giant Citigroup's upbeat profit outlook prompted a buying frenzy that lifted beaten-down stocks.
  
The Dow Jones Industrial Average vaulted 373.39 points (5.7 percent) to 6,920.44 at the closing bell, as blue chips rebounded strongly from 12-year lows Monday.
  
The tech-dominated Nasdaq leapt 89.64 points (7.07 percent) to 1,358.28 while the broad-market Standard & Poor's 500 index rallied 42.61 points (6.30 percent) to a preliminary close of 719.14.
  
The rebound came as an internal memo showed struggling US banking giant Citigroup is seeing a return to profitability in early 2009 after punishing losses last year
  
Chief executive Vikram Pandit said Citi has been profitable for the first two months of 2009 and was having its "best quarter-to-date performance since the third quarter of 2007."
  
"Wall Street was in dire need of some good news, and Citigroup delivered," said Joseph Hargett at Schaeffer's Investment Research.

Date created : 2009-03-10

COMMENT(S)