Stocks snap higher in midday trading; Citigroup up - KXNet.com - Bismarck/Minot/Williston/Dickinson-KXNEWS,ND

Stocks snap higher in midday trading; Citigroup up

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(AP Photo/Mark Lennihan, File). FILE - This July 15, 2013 file photo shows the New York Stock Exchange in New York. (AP Photo/Mark Lennihan, File). FILE - This July 15, 2013 file photo shows the New York Stock Exchange in New York.
By The Associated Press

Stocks are moving sharply higher in midday trading as the market shakes off its worst weekly performance in three months.

Citigroup rose 4 percent after the bank turned in better results than Wall Street expected. The bank also said it had reached a settlement in an investigation into its mortgage securities business.

The Dow Jones industrial average rose 132 points, or 0.8 percent, to 17,076 in midday trading Monday.

The Standard & Poor's 500 index rose 11 points, or 0.6 percent, to 1,979. The Nasdaq composite rose 33 points, or 0.8 percent, to 4,448.

Mylan rose 3 percent after the company said it will buy Abbott Laboratories' generic-drug business.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.54 percent.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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