Sector higher, but Citi takes hit after earnings

Citigroup (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.