The Dow ended Tuesday with a 379 point gain.
Wired PR News – After weeks of devastating losses, the Dow Jones Industrial Average ended Tuesday on a relatively high note. As reported by the Associated Press (AP), the index posted a 379 point gain at Tuesday’s close, the highest for the year. The performance is attributed to news of Citigroup profits, with the company’s Chief Executive Vikram Pandit reportedly releasing a letter notifying employees of being on track for an anticipated $8.3 billion quarterly profit.
As noted, each of the Dow’s 30 stocks showed increases. Jon Merriman, Merriman Curhan Ford brokerage CEO, is quoted as stating of the Citigroup news, “Maybe Citibank is not going to zero, that means it’s going to lend again and then the economy will turn…People today in the stock market are connecting those dots. And the market is up broadly, it’s not just the banks.”
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