Banking stocks lead markets surge

[Newshound]

US stocks have their best day of 2009, as banking giant Citigroup says it made a profit in the first two months of the year.

More... (http://news.bbc.co.uk/go/rss/-/1/hi/business/7935533.stm)

[Northern Boy]

They need these short term recoveries to suck the rest of our money out of us people should not be fooled into putting money in the markets . Just look at what warren buffet said the U.S. economy has fallen off a steep cliff . in other words hold on to your cash and keep 75% of it on hand and only what is minimally required in your accounts .

[Soulmate7]

Dead cat bounce...

[peaceandlove]

This is funny...

My friend, who is an accountant, sent me the following email this morning in reference to the article below which is somewhat the same as the one this thread was started with.

I love the way that the media continues to be totally clueless about reality.

The gist of it is that the Citigroup CEO is reporting an $ 8.3 billion profit for this quarter. Buried down in the body of the story is the truth, the $ 8.3 billion is before taxes, credit losses and write-downs. When you consider that they had $ 42 billion in write-downs last quarter and that credit losses are going through the roof, their chances of actually posting a profit are nil.

The fact is that Citigroup will actually post a loss of at least $ 24 billion for the quarter. I am going to presume that this will help smooth the way for some big bonuses.


Citigroup CEO says bank operating at a profit

Pandit says in memo that Q1 performance so far is bank’s best since 2007

Article: http://www.msnbc.msn.com/id/29611953/