Citigroup is back !

Market update from Yahoo.


A big rebound by bank stocks on the back of an upbeat report from Citigroup helped drive the broader market markedly higher Monday.

Citigroup (C 4.17, +0.22) not only posted bigger-than-expected bottom line results, but also reported reduced credit provisions. That, along with a good conference call, helped overshadow a light revenue figure. The stock rallied for its best single-session percentage gain since a 7% surge in April on the strongest volume of any other stock in the S&P 500.

Strength in C helped drive buying among bank stocks, such that the KBW Bank Index bounced to a 3.0% gain after it booked a 4.5% loss last week.

Strength among bank stocks boosted the broader financial sector to a 2.3% gain, which was the best gain of any major sector.