Wall Street has reversed its recent bloodletting, with a strong rally this morning.
The Dow Jones Industrial Average has been up over 300 points following good news from one of America's biggest banks.
CitiGroup was profitable in the first two months of the year. The result eases fears after comments from Federal Reserve chairman Ben Bernanke about having to overhaul the financial system. CitiGroup shares have jumped 27 per cent.
The tech-laden Nasdaq composite is six per cent higher, after ending the previous session at its lowest point since 2002. The Standard & Poor's 500 index is five per cent higher after falling yesterday, to its lowest point since 1996.
European stocks have also surged, with London's FTSE 100 index gaining 4.88 per cent, on strong gains in the finance sector. In Paris the CAC 40 gained 5.75 per cent and in Frankfurt the Dax jumped 5.28 per cent.
Crude oil is steady at US$47.12 a barrel.
- NEWSTALK ZB
<i>US stocks:</i> Wall Street surges on CitiGroup news
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