NEW YORK - Wall Street headed for a higher open Friday after Citigroup Inc. issued a better-than-expected earnings report, offsetting disappointing results from several other big companies.
The nation's largest bank reported a $2.5 billion second-quarter loss due to write-downs tied to deteriorating credit markets. However, that was still better than analysts' forecasts, and it appeared that the Dow Jones industrials would be able to extend their biggest two-day rally since 2002 when trading opens at 9:30 a.m. EDT.
Citi's report followed stronger-than-expected reports from JPMorgan Chase & Co. and Wells Fargo & Co. that helped relieve some of investors' worries about the health of the banking sector. Wall Street has grown concerned that souring mortgage debt would force some banks to go under. The Dow had triple digit gains Wednesday and Thursday in response to the banks' reports
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