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.
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