Stocks rose on Thursday as resurgent oil prices lifted energy shares and sentiment was underpinned by optimism about the Federal Reserve's push to lower borrowing costs.
Citigroup said it was proposing an exchange offer of preferred shares that could give the U.S. government a 36 percent stake in the bank. As part of the plan Citigroup would conduct a reverse stock split, reducing its share count and boosting its share price.
General Electric (GE.N) said it expects its finance arm GE Capital to be profitable in the first quarter and the rest of this year. Shares in the parent company rose by 8.8 percent to $11.23.
The Dow Jones industrial average .DJI gained 50.97 points, or 0.68 percent, to 7,537.55. The Standard & Poor's 500 Index .SPX rose 7.33 points, or 0.92 percent, to 801.68. The Nasdaq Composite Index .IXIC added 13.01 points, or 0.87 percent, to 1,504.23.
