U.S. stocks target 2010 highs as banks rally

U.S. stocks on Monday rose to within striking distance of their 2010 highs, as better-than-expected results from Citigroup Inc. helped the beleaguered bank sector reclaim some lost ground.

The Dow Jones Industrial Average /quotes/comstock/10w!i:dji/delayed (DJIA 11,144, +80.91, +0.73%) gained 80.91 points, or 0.7%, to 11,143.69, its highest close since May 3. The blue-chip average’s highest close this year was 11,205.03 on April 26.

Leading gains on the Dow, Bank of America Corp. /quotes/comstock/13*!bac/quotes/nls/bac (BAC 12.36, +0.02, +0.16%) rose 3% and J.P. Morgan Chase & Co. /quotes/comstock/13*!jpm/quotes/nls/jpm (JPM 38.00, -0.20, -0.52%) gained 2.8%.

The S&P 500 Index /quotes/comstock/21z!i1:in\x (SPX 1,185, +8.52, +0.72%) ended at 1,184.71, up 8.52 points, or 0.7%, with financials faring best and consumer discretionary performing the worst among its 10 industry groups. The gauge is less than 35 points from its year-to-date high.

The Nasdaq Composite /quotes/comstock/10y!i:comp (COMP 2,481, +11.89, +0.48%) advanced 11.89 points, or 0.5%, to 2,480.66. (more)

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