Stocks bounce after Citi CEO's letter, but will it last?

Bank stocks have surged in mid-morning trading, leading the broader market up, up and away. The Dow Jones Industrial Average soared 273 points, or 4.17 percent, to 6,820 by 10:55, with the S&P 500 and Nasdaq faring even better.

The obvious culprit: Citigroup (C) CEO Vikram Pandit said in a memo to employees that the company was profitable through the end of February. That's a rare bit of good news for Citi, and even if there are ample reasons to be skeptical, it doesn't take much to move a $1 stock. Citi's shares have skyrocketed more than 25 percent this morning, but is Pandit really to thank for the rally?