14 Jan '11, 10pm

US stocks rise as banking sector shines

NEW YORK: US stock markets rose on Friday led by the financial sector, as tepid US data and China's move to curb inflation did little to dampen sentiment. The Dow Jones Industrial Average rose 55.48 points (0.47 percent) to 11,787.38 at the close. The broader S&P 500 index rose 9.48 points (0.74 percent) to 1,293.24, while the tech-heavy Nasdaq Composite index rose 20.01 points (0.73 percent) at 2,755.30. The financial sector stood out, with Goldman Sachs shares up two percent and Bank of America up 3.3 percent. Citigroup stock was up 1.8 percent after the Treasury announced it would sell its last holdings in the banking group from its 2008 rescue. Once the world's largest bank, Citigroup received a $45 billion US taxpayer-funded bailout to weather the financial crisis. JPMorgan Chase was up one percent after turning in sizzling fourth quarter net profits. Fourth-quarter p...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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