Bank stocks rallied Monday as investors apparently shrugged off the increase in interest rates anticipated today from the Federal Open Market Committee.

Citigroup Inc., J.P. Morgan & Co., and First Tennessee National Corp. were standouts in a bank sector that performed strongly with the overall market. Citigroup was up $2.25 a share, to $48.5625; First Tennessee $1.375, to $34.375; and Morgan $6.625, to $139.5625.

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