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US stocks start week with strong gains

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(Globalpost/GlobalPost)

US stocks scored solid gains in opening trade Monday, rebounding from losses last week after Citigroup's better-than-expected earnings and a rash of merger and acquisition activity.

In the first five minutes of trade, the Dow Jones Industrial Average jumped 101.72 points (0.60 percent) to 17,045.53.

The broad-based S&P 500 advanced 10.12 (0.51 percent) to 1,977.69, while the tech-rich Nasdaq Composite Index rose 22.71 (0.51 percent) to 4,438.20.

Banking giant Citigroup announced second-quarter earnings per share of $1.24, excluding a $7 billion legal settlement, well above the $1.05 projected by analysts.

"The catalysts for the bullish bias include a positive showing by foreign markets, better-than-expected earnings from Citigroup, and a spate of M&A activity," said Patrick O'Hare of Briefing.com.

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http://www.globalpost.com/dispatch/news/afp/140714/us-stocks-start-week-strong-gains