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Financial stocks were having a strong session Monday despite a stark profit warning at Citigroup (C Quote).
The New York banking behemoth estimates that third-quarter income plunged roughly 60% year over year, with "dislocations in the mortgage-backed securities and credit markets and deterioration in the consumer credit environment" ultimately pulling down its pretax securities and banking revenue by around $3.3 billion.
Still, Citi shares added 1.8% to $47.50 in support of both the NYSE Financial Sector Index and the KBW Bank Index, which were soaring 1.5% and 2%, respectively. ...
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