US stocks up
Published:Tuesday | March 10, 2009 | 9:55 PM
Stocks in the US have enjoyed their best day in more than three months as banking giant Citigroup announced a profit for the first two months of 2009.
The news pushed shares in Citigroup 37 percent higher and banking stocks led a surge on the US markets.
According to BBC reports, the rises tracked gains seen in Europe.
Markets in London, Frankfurt and Paris were all said to be up about 5 per cent at the close.
The rally followed three consecutive days of declines on global markets.
In New York, the technology-based Nasdaq index soared by 7 percent, closing the day at 1, 358.28 points.
In a memo to workers, Citigroup Chief Executive Vikram Pandit said the bank was having its best quarter-to-date performance since the third quarter of 2007.
The memo also said Citigroup was confident about its capital strength.