Financial stocks led the market forward Monday, gaining on optimism about a European debt deal and positive news about the U.S. and global economy.
“Ahead of the Wednesday Summit, there remain many open questions. However, it seems that progress has been made over the weekend to get to a ‘comprehensive package’, but it is unlikely to be a bold one,” writes Citi analyst Jurgen Michels, in a note about the negotiations over the weekend among Euro Zone leaders, which are set to continue on Wednesday.
Citigroup (C) continued its strong recent run, jumping 3.8% to $31.43 in midday trading. The stock traded over $30 for the first time in more than a month last week, and has continued to gain. Bank of America (BAC) rose 3.3% to $6.67.
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