Investing.com - Financial stocks rose in midday trading Monday, as Citigroup reversed its premarket losses as lower expenses offset a decline in fourth quarter revenue.
The bank was the first of of the major U.S. banks to report fourth-quarter results, with JPMorgan, Bank of America (NYSE:BAC) and Goldman Sachs (NYSE:GS) reporting later in the week.
Citigroup Inc (NYSE:C) rose 3.5% after it reported adjusted earnings per share was $1.61, beating expectations for $1.55. It reported revenue of $17.1 billion, compared to expectations for $17.5 billion, while overall expenses fell 4% from a year-earlier, the bank said.
The S&P 500 Financials sector rose 0.24%, with JPMorgan Chase & Co (NYSE:JPM) up 0.4%, Wells Fargo & Company (NYSE:WFC) inching up 0.06% and Morgan Stanley (NYSE:MS) increasing 0.3%.