The "new normal" coined by Pimco posited a long era of diminished earnings and stock prices as overleveraged consumers and companies cut back spending. But it's not playing out that way. It seems Corporate America is growing less and less dependent on America.
Citigroup on Monday morning reported third quarter net income of $2.2 billion, topping Wall Street estimates and marking its third consecutive quarterly operating profit. Citi shares were up as much as 2.3% in premarket trading.