The broader financial services sector is surging Tuesday afternoon after Citigroup Inc.'s chief executive, Vikram Pandit, said the bank operated at a profit in January and February.
"Historically, they are a bellwether firm," John Jay, a senior analyst at Aite Group, said of Citi.
The KBW Bank Index, which tracks 24 of the largest U.S. banks jumped 12.9 percent to 22.13 Tuesday afternoon. The KBW Insurance index, which tracks 24 insurers, jumped 4.8 percent to 45.60.
The financial services sector is climbing the day after Pandit said the embattled bank was profitable through the first two months of the year on a pretax basis, excluding certain items such as potential write-downs and loan-loss provisions.