NEW YORK (Reuters) – Stocks advanced on Monday, led by gains in financial companies as Citigroup reported stronger-than-expected profits and concerns about lenders' home foreclosure problems eased.
Citigroup Inc (C.N) shares jumped 4.1 percent to $4.11, helping other bank shares, while the S&P 500 financial index (.GSPF) gained 1.6 percent. The index was down 2.4 percent last week amid worries that bank profits could be hurt by a broad probe by authorities into foreclosure practices.
Citigroup reported its third consecutive quarterly profits. Last week, JPMorgan Chase and Co (JPM.N) posted results that also beat expectations.