Two and a half hours into the trading day, Citigroup (NYSE: C ) is already up 1.86%, after gaining 2.4% yesterday, and after being down 0.42% in overnight trading. The markets have all just switched into the green, and all of Citi's peers are up as well.
Investors can primarily thank happy markets, but also one or two rabbits Citi itself has pulled out of its hat.
The beat goes on
The Dow Jones Industrial Average hit an intraday-trading high yesterday. And the S&P 500 closed at 1650.34 after rising 1%: a record high for the broad-based market index.
The big banks didn't slack either, with Bank of America finishing 2.7% higher, JPMorgan Chase finishing 1.3% higher, and Goldman Sachs popping a big 3.3%.
The markets are pumping and so are the big banks, each taking the other higher. And it looks like we're going to be seeing more of the same today. But Citi might have a little something extra going for it.
Life, liberty, and the pursuit of monies owed
Bloomberg is reporting that Citi and the defunct Lehman Brothers have settled a $1.2 billion dispute regarding monies owed on foreign-exchange trades. According to Bloomberg, "larger sums remain in dispute," but a $1.2 billion priority claim is nothing to sneeze at.
It's good to see the bank aggressively going after monies owed it; as an investor, it makes me feel like the people at the top are looking after the long-term interests of the bank.
Bloomberg is also reporting that Citi has sold its Brazilian Credicard unit to Latin America's Itau Unibanco Holding SA. Citi will pocket a cool $300 million from the $1.37 billion sale.
These two items point to a superbank on the move: with broad-based movements in the market driving the stock higher, and smart decisions by the bank itself also beginning to restore confidence in the damaged brand, and therefore helping things along.
But always remember, it's the long-term performance of the stock you need to keep in mind. Stocks move up and down on a short-term basis, and it's difficult to always know what's driving those spikes and plummets. It's the long-term movements you need to think about as a Foolish investor.
Don't check your stocks every day. Focus on the fundamentals of the companies you're invested in, relax, and have faith your money is in the right place.
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