NEW YORK, Feb 23, 2009 (UPI via COMTEX) -- C | Quote | Chart | News | PowerRating -- U.S. stock indexes headed up Monday after news reports said Citigroup Inc. was discussing a third round of government intervention.
The government has already invested $45 billion in Citigroup. On Sunday, however, the bank proposed switching the government's holdings from preferred shares to common stock, which would effectively jump the government's stake in the bank from 8 percent to about 40 percent, The New York Times reported.
In midmorning trading, the Dow Jones industrial average gained 66.19 points, or 0.9 percent to 7,431.86. The Standard & Poor's 500 gained 0.79 percent, 6.12 points, to 776.17. The Nasdaq composite index gained 2.35 points, 0.16 percent, to 1,443.58.
The benchmark 10-year U.S. Treasury bond fell 7/32 to yield 2.821 percent.
The euro fell to $1.2794, compared to Friday's $1.2837. Against the Japanese yen, the dollar rose to 94.56 yen, up from Friday's 93.05 yen.
In Tokyo, the Nikkei average lost 40.22 points to 7,376.16, down 0.54 percent.
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For full details on Citigroup (C) click here. Citigroup (C) has Short Term PowerRatings of 8. Details on Citigroup (C) Short Term PowerRatings is available at This Link.
