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Market Bounces 300+ on Bernanke, Citi News

Citi leads way as Bernanke comments give boost

By Matt Cantor,  Newser Staff

Posted Mar 10, 2009 11:16 AM CDT
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(Newser) – The Dow surged more than 300 points this morning, as investors welcomed news from Citigroup CEO Vikram Pandit that his bank had shown a profit the first two months of this year, and optimistic comments from Fed chairman Ben Bernanke. The Dow had risen 312 points by noon, led by Citigroup's 26% gain, the Wall Street Journal reports. Bank of America climbed 24%; struggling Alcoa was up 12%; General Electric jumped 15%; and even GM rose more than 11%.

The S&P 500 was up 5.4% at noon, and the Nasdaq 5.7%, with tech stocks bouncing back from yesterday's trouncing, and Google topping $300.

Nicholas Brigandi, center, of NYSE Euronext, helps direct trading in shares of Merck & Co. on the floor of the New York Stock Exchange, Monday, March 9, 2009 in New York.
Nicholas Brigandi, center, of NYSE Euronext, helps direct trading in shares of Merck & Co. on the floor of the New York Stock Exchange, Monday, March 9, 2009 in New York.   (AP Photo/Henny Ray Abrams)
Sam Farhood, left, of LaBranche & Co. directs trading in shares of Schering-Plough on the floor of the New York Stock Exchange, Monday, March 9, 2009 in New York.
Sam Farhood, left, of LaBranche & Co. directs trading in shares of Schering-Plough on the floor of the New York Stock Exchange, Monday, March 9, 2009 in New York.   (AP Photo/Henny Ray Abrams)
Joseph Mastrolia, left, of LaBranche & Co. and Todd Ingrilli of ICAP Corp. work on the floor of the New York Stock Exchange, Monday, March 9, 2009, in New York.
Joseph Mastrolia, left, of LaBranche & Co. and Todd Ingrilli of ICAP Corp. work on the floor of the New York Stock Exchange, Monday, March 9, 2009, in New York.   (AP Photo/Henny Ray Abrams)
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COMMENTS
Showing 1 of 1 comment
Snowleopard
Mar 10, 2009 1:07 AM CDT
hmmm... I wonder how does receiving billions of taxpayer dollars plays into the equation of citigroup's profit?

 
Ben Bernanke • stock market • Wall Street • Citigroup • Dow Jones

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