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Wall St gains on Citigroup profits, other banks


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.

Citigroup's results, boosted by slowing credit losses and reduced reserves for bad loans, helped to offset concern about the foreclosure crisis.

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