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Stocks snap higher on Wall Street; Citigroup up

  • The Associated Press
  • Published Monday, July 14, 2014, at 3:23 p.m.
  • Updated Monday, July 14, 2014, at 3:47 p.m.

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

Citigroup rose 3 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 111 points, or 0.7 percent, to 17,055 on Monday.

The Standard & Poor's 500 index rose nine points, or 0.5 percent, to 1,977. The Nasdaq composite rose 25 points, or 0.6 percent, to 4,440.

Mylan rose 2 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 2.55 percent.

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