Stocks move higher in morning trading; Citi climbs - KSWO, Lawton, OK- Wichita Falls, TX: News, Weather, Sports. ABC, 24/7, Telemundo -

Stocks move higher in morning trading; Citi climbs

By ALEX VEIGA

AP Business Writer Stocks moved higher in early trading Monday, kicking off the week on a positive note as the market looked to shake off its worst week in three months. Shares in several major investment banks rose after Citigroup posted better-than-expected quarterly earnings.

KEEPING SCORE: The Standard & Poor's 500 index gained 10 points, or 0.6 percent, to 1,978 in the first 35 minutes of trading. The Dow Jones industrial average rose 132 points, or 0.8 percent, to 17,076. The Nasdaq composite added 25 points, or 0.6 percent, to 4,440.

EYES ON EARNINGS: Last week, investors turned cautious with the market trading near all-time highs and big companies starting to post their second-quarter earnings. The S&P 500 lost 0.9 percent for the week, its worst showing since April. This week, investors will pore over another batch of quarterly reports from corporate America, including General Electric, Google, Bank of America and Johnson & Johnson.

CITI: Citigroup's profit sank in the second quarter but both earnings and revenue came in better than analysts had estimated. The bank also agreed to pay $7 billion to settle a federal investigation into the mortgage bonds it sold ahead of the financial crisis in 2008. Citi's stock rose $1.57, or 3.3 percent, to $48.58.

BANKING ON BANKS: Several other big investment banks also rose. Morgan Stanley added 0.63, or 2 percent, to $32.04, while Goldman Sachs rose $2.46, or 1.5 percent, to $167.26. JPMorgan Chase climbed 80 cents, or 1.4 percent, to $56.59.

A DEAL: Generic drugmaker Mylan said it will buy Abbott Laboratories' generic-drug business in developed markets for $5.3 billion. The combined company will be organized in the Netherlands, which will cut its tax bill. The company will keep its headquarters near Pittsburgh. Mylan's stock added $1.44, or 2.9 percent, to $51.65, while shares of Abbott gained 34 cents, or 0.8 percent, to $41.64.

OTHER MARKETS: In the market for U.S. government bonds, the yield on the 10-year Treasury note rose to 2.54 percent from 2.52 percent late Friday. The price of oil slipped a penny to $100.82.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 

  • Local NewsNewsMore>>

  • United to offer bumped flyers up to $10,000 after video flap

    United to offer bumped flyers up to $10,000 after video flap

    Thursday, April 27 2017 2:41 PM EDT2017-04-27 18:41:00 GMT
    Thursday, April 27 2017 2:41 PM EDT2017-04-27 18:41:00 GMT

    United isn't saying whether ticket sales have dropped since the removal of a 69-year-old passenger by three airport security officers, but the airline's CEO admits it could be damaging.

    United isn't saying whether ticket sales have dropped since the removal of a 69-year-old passenger by three airport security officers, but the airline's CEO admits it could be damaging.

  • Pentagon probes former Trump aide Flynn's foreign payments

    Pentagon probes former Trump aide Flynn's foreign payments

    Thursday, April 27 2017 2:39 PM EDT2017-04-27 18:39:46 GMT
    Thursday, April 27 2017 2:39 PM EDT2017-04-27 18:39:46 GMT

    Documents released by lawmakers show President Donald Trump's former national security adviser, Michael Flynn, was warned when he retired in 2014 not to take foreign money without "advance approval" by Pentagon...

    Documents released by lawmakers show President Donald Trump's former national security adviser, Michael Flynn, was warned when he retired in 2014 not to take foreign money without "advance approval" by Pentagon authorities.

  • In tweetstorm, Trump takes aim at Democrats on spending bill

    In tweetstorm, Trump takes aim at Democrats on spending bill

    Thursday, April 27 2017 2:39 PM EDT2017-04-27 18:39:43 GMT
    Thursday, April 27 2017 2:39 PM EDT2017-04-27 18:39:43 GMT

    Lawmakers and the White House are nearing agreement on a $1 trillion spending bill days ahead of a government shutdown deadline - and President Trump's 100th day in office.

    Lawmakers and the White House are nearing agreement on a $1 trillion spending bill days ahead of a government shutdown deadline - and President Trump's 100th day in office.

Powered by Frankly