Problems seem to continue to emerge in the financial sector as Citigroup (C) just recently announced the departure of a key executive. Its former CFO and current chairman of Citi Holdings, Gary Crittenden, is leaving the operation in an attempt to stabilize the firm’s operations and try to turn it back to profitability.
In the housing sector, 30-year mortgage rates fell to 5.2%, which has ignited an increase in mortgage applications. This is a good sign, because the housing markets have to regain clout in order for the economy to turn around.
The Dow Jones Industrial Average dipped about 0.1%, and both the S&P 500 and Nasdaq gained 0.2% in morning trading.
Kevin Grewal contributed to this article.