European and US stock markets rose Friday after better than expected earnings from US banking giant Citigroup Inc. and industrial conglomerate General Electric Co.
Citigroup, widely considered to be one of the most troubled US banks, reported a quarterly loss of just under $1 billion, which was less than analysts had been expecting. And before paying preferred dividends, the bank turned a profit of $1.6 billion. A year ago, Citigroup suffered a loss of more than $5 billion.
Though Citigroup's results followed similarly upbeat reports in recent days by JPMorgan Chase & Co., Wells Fargo & Co. and Goldman Sachs Group Inc, investors know that difficulties in the banking sector remain and that Citigroup, in particular, is not out of the woods yet.
The Dow Jones industrial average was up 29.23 points, or 0.4 percent, at 8,154.66 while the broader Standard & Poor's 500 futures rose 1.64 point, or 0.2 percent, to 866.94.
In Europe, the FTSE 100 index of leading British shares was up 39.88 points, or 1 percent, at 4,092.86 while Germany's DAX rose 48.74 points, or 1.1 percent, to 4,658.20. The CAC-40 in France was 41.72 points, or 1.4 percent, at 3,079.90.