Citigroup: Financial Winner
NEW YORK (
) --
Citigroup
(C) - Get Report
stock burst out of the gate on Tuesday, driving the financial sector's gains and dominating volume on the New York Stock Exchange.
In recent trading, Citi was up 4 % at $4.63, having hit an intraday high of $4.65 earlier in the session. The move was driven by the U.S. Treasury Department's
announcement late Monday evening that it would soon exit its Citi stake. The Treasury priced an offering of its final 2.2 billion shares at an average price of $4.35 an expects the deal to close by Friday.
>>>Read More: Citi Stock Eyes $5 (And More)
>>>Read More: Citi Will Need to Deliver
Elsewhere in the sector,
Bank of America
(BAC) - Get Report
shares were up marginally, following news that
the company settled fraud allegations related to municipal bond investments for $137 million. BofA was recently up a penny at $11.65.
Shares of
Visa
(V) - Get Report
and
MasterCard
(MA) - Get Report
were down after the companies
said they had cut ties to the controversial company Wikileaks, whose founder surrendered himself to authorities in London on Tuesday morning. Visa was down 1.4% at $77.20 while MasterCard was 0.8% lower at $251.21.
Other major financial movers to the upside were student-loan provider
SLM Corp.
(SLM) - Get Report
, which was 2.4% higher at $12.16;
Morgan Stanley
(MS) - Get Report
, which was 1.6% higher at $25.94;
Radian Group
(RDN) - Get Report
, which was up 1.5% at $7.52 ; and
PNC Financial Services
(PNC) - Get Report
, which was up 1.3% at $58.06.
Among the stocks tracking lower were
KeyCorp
(KEY) - Get Report
, recently down 2.6% at $7.97 and
MGIC Investment Corp.
(MTG) - Get Report
, down 2.1% at $9.14.
-- Written by Lauren Tara LaCapra in New York
.
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