Corporate Deals Lift Stock Averages
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iStock/Thinkstock(NEW YORK) — Investors cheered Citigroup’s latest earnings and its $7 billion settlement with the government over its subprime mortgage mess.
The Dow finished 111 points higher at 17,055, the Nasdaq added 25 points and closed the day at 4,440, and the S&P 500 rose 9 points to 1,977.
Citigroup says its net income dropped in the second quarter after it took a $3.8 billion charge to settle claims over its risky subprime mortgage business, but, excluding the charge, Citigroup beat estimates for 2nd quarter earnings. Shares rose 3 percent.
Gas prices were down four cents in the past week nationwide to $3.64 per gallon, according to the U.S. Energy Department.
EBay and Sotheby’s are teaming up to bring the famed auction house’s art and collectibles auctions into a live, online environment.
Volkswagen says production on a new SUV at its Chattanooga, Tenn., factory, will mean approximately 2,000 jobs.
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