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U.S. stocks open higher after Citigroup's Q2 results

English.news.cn   2014-07-15 09:50:58

NEW YORK, July 14 (Xinhua) -- U.S. stocks opened higher Monday, pushing the Dow Jones Industrial Average above the 17,000 mark again and near its all-time intraday high, after Citigroup reported better-than-expected second-quarter results.

Citigroup reported second-quarter net income of 181 million dollars, or 3 cents per diluted share, sharply down from the net income of 4.2 billion dollars, or 1.34 dollars per share, a year ago. The results reflected the impact of a 3.8-billion-dollar charge to settle claims related to the bank's residential mortgage-backed securities and collateralized debt obligations.

On an adjusted basis, however, Citigroup's reported earnings of 1.24 dollars per diluted share, beating analysts' expectations. Its revenue in the second quarter also beat market forecast. Citigroup shares rose 3.23 percent to 48.52 dollars apiece in early trading.

Other major U.S. banks are also due to report quarterly results later this week, with J.P. Morgan Chase & Co. and Goldman Sachs Group's results scheduled for Tuesday, Bank of America's report on Wednesday and Morgan Stanley's results on Thursday.

Investors will also pay attention to Federal Reserve Chair Janet Yellen's semi-annual testimony on monetary policy to Congress on Tuesday and Wednesday.

Shortly after the opening bell, the Dow jumped 94.43 points, or 0.56 percent, to 17,038.24. The S&P 500 rose 2.83 points, or 0.14 percent, to 1,967.51. The Nasdaq Composite Index added 20.16 points, or 0.46 percent, to 4,435.65.

Editor: Shen Qing
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