US STOCKS-Wall St rises on financials, Citigroup results

* Citigroup beats expectations; foreclosure effect eyed

* IBM, Apple rise with results due after the bell

* Indexes: Dow up 0.4 pct; S&P up 0.3 pct; Nasdaq up 0.1

* For up-to-the-minute market news see [STXNEWS/US]
(Updates to midday, changes byline)

By Caroline Valetkevitch

NEW YORK, Oct 18 (BestGrowthStock) – U.S. stocks (Read more about the stock market today. ) rose on Monday,
led by gains in financials as Citigroup reported
stronger-than-expected profits and concerns eased about the
sector’s potential exposure to foreclosure problems.

Citigroup Inc (C.N: ) shares jumped 3.8 percent to $4.10,
helped to support bank shares, while the S&P 500 financial
index (.GSPF: ) advanced 1.2 percent. The index was down 2.4
percent last week amid worries over that bank profits could be
affected by a broad probe into foreclosure practices.

Citigroup reported its third consecutive quarterly profit
and topped estimates. Last week, JPMorgan Chase and Co (JPM.N: )
posted results that beat expectations. For details see
[ID:nN18138072] and [ID:nN11106777]

“The financials last week were getting hammered over
questions over foreclosure proceedings … now it doesn’t seem
to be as all-encompassing,” said Marc Pado, U.S. market
strategist at Cantor Fitzgerald & Co in San Francisco.

Corporate results so far suggest “the banks are slowly
getting better, getting repaired. And I think that’s been the
game plan all along,” he said.

The Dow Jones industrial average (.DJI: ) was up 47.15
points, or 0.43 percent, at 11,109.93. The Standard & Poor’s
500 Index (.SPX: ) added 3.48 points, or 0.30 percent, at
1,179.67. The Nasdaq Composite Index (.IXIC: ) inched up 1.19
points, or 0.05 percent, at 2,469.96.

The Nasdaq led gains among the three major indexes last
week, helped by stronger-than-expected results from Google Inc (Read more about Google Stock Analysis)
(GOOG.O: ) and other technology companies.

“There’s a little bit of nervousness the good news is
(already) in” the market regarding tech earnings, Pado said.

Still. Apple Inc (Read more about Apple stock future.) (AAPL.O: ) gained 0.6 percent to $316.48,
and International Business Machines Corp (IBM.N: ) rose 0.6
percent to $141.93 ahead of their earnings reports later
Monday.

Stock investors had little reaction to data showing U.S.
industrial production fell for the first time in more than a
year, and a report indicating home builder sentiment rose this
month but remained at depressed levels. [ID:nN18264813]
(Reporting by Caroline Valetkevitch; additional reporting by
Rodrigo Campos; editing by Jeffrey Benkoe)

US STOCKS-Wall St rises on financials, Citigroup results