Stocks Soar on Citi News

The S&P 500 jumped over 6% and the Nasdaq gained more than 7% Tuesday after word from Citigroup that it was profitable in January and February

U.S. stocks closed sharply higher Tuesday, with a bank-led rally driving the Dow industrials, S&P 500, and Nasdaq composite indexes up 5.8%, 6.4%, and 7.1%, respectively, on the day. The rally came after Citigroup (C) said it was profitable in the first two months of 2009, and as reports surfaced that U.S. regulators are considering reinstating the uptick rule to slow the pace of short selling.

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