Sector higher, but Citi takes hit after earnings

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April 17, 2009 8:09pm NYSE:XLF

bank1Citigroup (C 3.65, -0.36, -9.0%) reported better-than-expected first-quarter results Friday to cap off a busy week for bank earnings. See earnings coverage.
Citi shares had traded higher in pre-opening-bell action Friday but closed the session off about 9%. The stock is up more than 40% this month, as one of the prime beneficiaries of the dramatic rally in financial stocks.

The Financial Select Sector SPDR Fund (XLF 11.11, +0.13, +1.2%) , an exchange-traded fund indexed to the financial sector, gained more than 1% on Friday.

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