Citi Surges, Posting the 2nd Best Gain in SP500

Published on Tuesday, 09 March 2010 17:47 Written by Christopher Lynn

New York, March 9^th (TradersHuddle.com) – Shares of Citigroup (NYSE:C) jumped 7.30% to $3.82, posting the second biggest advanced in the S&P 500.

Citigroup Inc. (NYSE:C), the diversified financial services holding company that provides a broad range of financial services to consumer and corporate customers around the world, moved higher amid speculation that the that the government may be planning to restrict short sales on the companies it's bailed out and currently owns stock in.

The stock also moved higher as option action was heavy on speculation that the government wants to sell its stake in Citi and that bank was floating a big preferred stock offering tonight or that Citi may be a takeover target from an overseas bank like Barclay’s