US STOCKS-Market flat as Goldman lingers despite Citi profit

* Citi shares jump 7 pct after results, lift banking sector

* Shanghai shares tumble as China moves to curb mortgages

* Dow, S&P 500 flat; Nasdaq off 0.2 pct

* For up-to-the-minute market news see [STXNEWS/US]
(Updates to midmorning)

By Rodrigo Campos

NEW YORK, April 19 (BestGrowthStock) – U.S. stocks (Read more about the stock market today. ) were little
changed on Monday as lingering concerns over fraud charges
against Goldman Sachs offset upbeat economic data and
better-than-expected results from Citigroup Inc.

Citi (C.N: ) jumped 7 percent to $4.88 after the bank posted
a quarterly profit versus a year-ago loss and turned in its
best results since 2007. helping bank stocks recover from
Friday’s sell-off after U.S. regulators charged Goldman Sachs
Group Inc (GS.N: ) with fraud. For details see [ID:nN19163699]
[ID:nN16131161].

Goldman dropped nearly 1 percent at $159.44 after falling
nearly 13 percent on Friday, while the KBW capital markets
index (.KSX: ), which was off 3.4 percent Friday, added 0.7
percent.

Meanwhile, a gauge of U.S. economic prospects rose more
strongly than expected to a record high in March, pointing to a
steady recovery. [ID:nN19175994]

“This morning’s action is tied directly to decent earnings
results, the (leading indicators) and the fact that we had a
pretty significant sell-off on Friday,” said Joseph
Battipaglia, market strategist at Stifel Nicolaus in Yardley,
Pennsylvania.

He said that after the recent run-up, even with strong
earnings, the market would struggle to rise above 18-month
highs reached last week.

The Dow Jones industrial average (.DJI: ) gained 3.93 points,
or 0.04 percent, to 11,022.59. The Standard & Poor’s 500 Index
(.SPX: ) dropped 0.01 point, flat percentage wise, at 1,192.12.
The Nasdaq Composite Index (.IXIC: ) dropped 4.25 points, or 0.17
percent, to 2,477.01.

Weighing on sentiment, the Chinese State Council told banks
they would be expected to raise mortgage rates and down payment
requirements in an attempt to cool down real estate
speculation. The move rattled local markets, with Shanghai
shares (.SSEC: ) off nearly 5 percent, while Hong Kong’s Hang
Seng (.HSI: ) shed 2.1 percent. [ID:nTOE63G016]

International Business Machines Corp (IBM.N: ), Eli Lilly and
Co (LLY.N: ) and Zions Bancorp (ZION.O: ) are due to report results
later Monday.

Stock Market Investing
(Editing by Jeffrey Benkoe)

US STOCKS-Market flat as Goldman lingers despite Citi profit