Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Hollande depicted as Hitler

Read more

EYE ON AFRICA

Boko Haram crisis: Militants forced from north eastern Nigerian town

Read more

REPORTERS

Syria: Wresting control of Kobani from IS group

Read more

FRANCE IN FOCUS

A who's who of the 'Bettencourt trial'

Read more

FOCUS

Golan Heights on edge...

Read more

THE BUSINESS INTERVIEW

Eugene Kaspersky: Cyber attacks on critical infrastructure 'just a question of time'

Read more

#THE 51%

Equality in the workplace: Bridging the gender pay gap

Read more

ENCORE!

The culture stars trying to save the world

Read more

#TECH 24

Technology helping visually impaired people

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)