Stocks shoot higher on Citigroup news

March 10, 2009 10:24:49 AM PDT
Wall Street is rallying on a dose of good news from Citigroup Inc. Financial stocks are leading stocks higher after the troubled bank said it had operated at a profit during the first two months of the year. The rally is the market's first big move in weeks following a collapse that has left the major indexes at their lowest point in more than a decade.

Still, analysts say this advance is likely a bear market rally rather than a turning point for stocks. They believe the financial industry and the overall economy are still too weak for Wall Street to sustain a big advance.

In midday trading, the Dow Jones industrial average is up 255 points at 6,802. The Standard & Poor's 500 index is up 30 at 706, while the Nasdaq composite index is up 61 at 1,330.

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