US stocks up after Citigroup announces layoffs

April 19th, 2008 - 7:12 am ICT by admin  

New York, April 19 (DPA) Wall Street rallied 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 in first-quarter losses after it had to write down $12 billion 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 percent, to 1,390.33. The Dow Jones Industrial Average jumped by 228.87, or 1.8 percent, to 12,849.36, while the Nasdaq Composite Index climbed 61.14, or 2.6 percent, to 2,402.97.

The US currency rose against the euro to 63.22 euro cents from 62.89 euro cents Thursday. The dollar also climbed against the Japanese currency to 103.67 yen from 102.43 yen Thursday.

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