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Stocks up after Citigroup announces layoffs

Business Materials 19 April 2008 03:54 (UTC +04:00)

(dpa) - Wall Street rallied on Friday after Citigroup reported losses that were not severe as anticipated and announced plans to slash more than 9,000 jobs to help the bank recover from the credit crisis.
Citigroup reported 5.11 billion dollars in first-quarter losses after it had to write down 12 billion dollars' worth of loans and bonds in the ongoing subprime mortgage crisis.
The Standard & Poor 500 Index led the uptick on Wall Street by adding 24.77 points, or 1.8 per cent, to 1,390.33. The Dow Jones Industrial Average jumped by 228.87, or 1.8 per cent, to 12,849.36, while the Nasdaq Composite Index climbed 61.14, or 2.6 per cent, to 2,402.97.
The US currency rose against the euro to 63.22 euro cents from 62.89 euro cents on Thursday. The dollar also climbed against the Japanese currency to 103.67 yen from 102.43 yen on Thursday.
Gold dropped 27.70 dollars to 915.20.

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