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Stocks snap higher in midday trading; Citigroup up

FILE - This July 15, 2013 file photo shows the New York Stock Exchange in New York. Stock futures are climbing on Monday, July 14, 2014, as investors look to shake off the worst week for the stock market in three months. Citigroup's shares rose after it turned in better earnings and revenue than Wall Street expected. (AP Photo/Mark Lennihan, File)
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Stocks are moving sharply higher in midday trading as the market shakes off its worst weekly performance in three months.

Citigroup rose 4 percent after the bank turned in better results than Wall Street expected. The bank also said it had reached a settlement in an investigation into its mortgage securities business.

The Dow Jones industrial average rose 132 points, or 0.8 percent, to 17,076 in midday trading Monday.

The Standard & Poor's 500 index rose 11 points, or 0.6 percent, to 1,979. The Nasdaq composite rose 33 points, or 0.8 percent, to 4,448.

Mylan rose 3 percent after the company said it will buy Abbott Laboratories' generic-drug business.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.54 percent.

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