Stocks snap higher on Wall Street; Citigroup up
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.