Citigroup Inc. (NYSE: C) followed the lead of JPMorgan Chase & Co. (NYSE: JPM) and Wells Fargo & Co. (NYSE: WFC) when it reported better-than-expected earnings Monday morning, sending the Dow up more than 100 points.
Citigroup earnings, along with a healthy U.S. retail sales report, fueled a morning rally that followed the markets' worst week of 2012. The Dow last week lost 1.6%, the S&P 500 Index sank 2% and the Nasdaq slumped 2.3%.
The Dow shot up about 123 points in the first few minutes of trading, and Citigroup climbed 3%. The Dow cooled its soaring start to about 65 points by 1 p.m. EDT, and Citi was last trading at $34.04, still up about 1.9%.