Citigroup CEO Pandit struck a positive, even hopeful, tone at the embattled banking giant's annual meeting, insisting the company is prepared for success in an economic recovery. Pandit said, "The vital signs of Citi are improving."
"It's certainly bank-led again," Joseph Saluzzi, co-founder of brokerage Themis Trading, said of the current rally. He said bank stocks were "jerking" the market around as economic fears wax and wane andas short-sellers adjust their positions.
The S&P 500 index recently rose 1.9% to 848, pushed up by a 6.6% gain in its financial sector. The Nasdaq Composite Index gained 1.9% to 1638; shares of Research In Motion rose 3% to $67, Oracle gained 3% to $19.43 and Yahoo gained 4.3% to $14.24.
Stocks had been on a six-week surge coming into Monday's session.
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