Markets Open Up With Citi Blood In the Water
This is what it's come to: Wall Street has opened up this morning and analysts are attributing the enthusiasm to reports of the pending demise of banking giant Citigroup.
Citi, which has seen its shares pummeled recent weeks, called a board meeting today to discuss options for the company and held a conference call with analysts to reassure investors that Citi believes its fundamentals are strong.
Still, the Street loves action. And if Citi puts itself for sale, that's action.
At the opening, the Dow shot up more than 130 points, but has since pared back some of its instant gains.
In the first 15 minutes of trading, the Dow is up about 70 points, or a little more than 1 percent.
The S&P 500 and the Nasdaq are both up well more than 1 percent.
-- Frank Ahrens
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