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Stocks snap higher in midday trading; Citigroup up

By WTOP Staff

The Associated Press

Stocks are moving sharply higher in midday trading as the market shakes off its worst weekly performance in three months.

Citigroup rose 4 percent after the bank turned in better results than Wall Street expected. The bank also said it had reached a settlement in an investigation into its mortgage securities business.

The Dow Jones industrial average rose 132 points, or 0.8 percent, to 17,076 in midday trading Monday.

The Standard & Poor’s 500 index rose 11 points, or 0.6 percent, to 1,979. The Nasdaq composite rose 33 points, or 0.8 percent, to 4,448.

Mylan rose 3 percent after the company said it will buy Abbott Laboratories’ generic-drug business.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.54 percent.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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