S&P jumps 1%; Citi surges after CEO quits

US markets registered their best gains so far this month on good earnings reports from Goldman Sachs, Coca-Cola and Johnson & Johnson while Citigroup bounced 1.6 percent after the shock resignation of CEO Vikram Pandit.

At the closing bell the Dow Jones Industrial Average was up 125.94 points (0.94 percent) to 13,550.17.

The broad-based S&P 500 rose 14.79 (1.03 percent) to 1,454.92, while the tech-rich Nasdaq added 36.99 points (1.21 percent) at 3,101.17.

Pandit's abrupt departure was fodder for a glut of gossip, with most reports pointing to a clash with the board over policy and perhaps compensation.

But investors liked the result, pushing Citi's shares up 58 cents to $37.24.

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