Dow Surges to Best Day of Year

The Dow Jones Industrial average rose almost 400 points on Tuesday–its best day of 2009. The surge was fueled by the Citigroup announcement of a strong start to the year. In Chief Executive Vikram Pandit’s internal memo to staff, it was disclosed that Citigroup is having its best quarter-to-date since third quarter 2007 (the last time the company made a quarterly profit).

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Revenues were $19 billion in January and February–nearly reaching last year’s first quarter mark of $21 billion. Read the memo from Pandit for details.

The Dow average jumped 379.44 points (5.8%) to 6926.49, the S&P 500 rose 43.07 points (6.37%) to 719.60 and the Nasdaq jumped up 89.64 points (7.07%) to 1358.28.