Citigroup Up 7% On HUGE Volume
Citigroup is currently up 7% on what can only be described as huge trading volume. So far 1.4 billion shares have traded hands. Yesterday, Citigroup set a single day volume record when 2.67 billion shares traded hand. The best part of the news for C shareholders is that the stock continues to rise on these record trading days.
Assuming today's trend continues, Citigroup will finsh the day at above $4/share for the first time since April 16.
The appetite for financial stocks has been huge this week. On Wednesday, trading in Bank of America and C accounted for 25% of the entire trading volume on the NYSE.
Citigroup CEO Vikram Pandit has issued upbeat commentary concerning the banking behemoth during multiple visits to Asia this week. The company has stressed that they are eliminating toxic assets, holding the line on customer defaults, and remaining commited to fast growing segments of the world economy like China.
So far his words have been music to the ears of investors, who have helped increase the company's market cap by $8 billion this week alone.
Read more.
Copyright 2007-2010 by Times of the Internet. All Rights Reserved.
