Citigroup Leads Wall Street Banks Higher After Stress-Test Win
What Did Stress Tests Really Tell Us About Banks?
This article is for subscribers only.
Citigroup Inc. rose 3.3 percent in early trading, leading Wall Street banks higher, after winning approval from the Federal Reserve for its plan to return capital to shareholders.
The company, which has gained 11 percent since the end of January, climbed to $54.06 at 7:53 a.m. in New York. Morgan Stanley, which received the Fed’s blessing Wednesday after adjusting its plan along with Goldman Sachs Group Inc. and JPMorgan Chase & Co., rose 2.7 percent. Bank of America Corp., which got a conditional pass requiring it to resubmit its plan, fell 0.1 percent.