Stock Market Updates: Citigroup Inc. (NYSE: C), Exxon Mobil (NYSE: XOM), Colgate-Palmolive (NYSE: CL), Procter & Gamble (NYSE: PG)

Citigroup (NYSE: C) will assist Vietnam Oil & Gas Group, also known as PetroVietnam, source a $550 million loan for the Nhon Trach II power plant in the south of the country.. “We have authorized Citigroup to help get money from some local and international banks and Citigroup itself will also give us some funding,” Le Tu Hieu, plant management board chair., said. The loan will be for 12 years accompanied by a grace period of zero interest in the first two-and-a-half years. It is remains unknown how much of the loan Citigroup would provide. Vietnam needs more power plants as the government forecasts electricity demand that will rise as much as 14 percent annually through 2015. The 750-megawatt, gas-fired Nhon Trach II plant is scheduled to start operations in March 2011. -Bloomberg

Exxon Mobil (NYSE: XOM) stated today its quarterly profit plunged, falling short of analyst estimates, as the global recession reduced fuel demand and crude oil prices fell from year-ago levels. Profit in the quarter came in at $4.73 billion, or 98 cents per share, compared with $13.23 billion, or $2.71 per diluted share in the same quarter a year prior. On average, analysts had expected a profit of $1.03 per share. –Reuters

Procter & Gamble (NYSE: PG) stated that profit dropped slightly in its first quarter, as consumers around the globe kept tight reins on spending for such household items as laundry detergent and shavers. However, the world’s largest consumer products company sees signs of a rebound in results that were better than expected, and an improved sales outlook for the rest of the year. The maker of Tide and Pampers reported profits were off 1 percent at $3.35 billion, or 1.06 per share, compared to $3.31 billion, or $1.03 per share, a year ago. Sales dropped 6 percent to 19.8 billion. Analysts expected earnings of 99 cents on $19.83 billion for P&G, which is based in Cincinnati. –Daily Finance

The U.S. economy expanded in the third quarter for the first time in a year, boosted by stimulus-driven gains in consumer spending and home building. The world’s largest economy grew at a 3.5 percent pace, exceeding the median estimate of economists, after shrinking the previous four quarters. Household purchases climbed 3.4 percent, which was the most in more than two years. Policy makers will now focus on whether the recovery, supported by federal assistance to the housing and auto industries, can be sustained into 2010 and generate jobs. The record $1.4 trillion budget deficit limits President Obama’s options for more aid, while Federal Reserve attempts to convince investors that the central bank will exit emergency programs in time to prevent a pickup in inflation. -Bloomberg

Consumer products maker Colgate-Palmolive (NYSE: CL) stated that its third-quarter profit increased to $590 million, or $1.12 a share, compared to $500 million, or 94 cents a share a year ago. Revenue during the quarter ticked higher, to $4.00 billion, from $3.99 billion last year, Analysts had expected the company to earn $1.11 a share. –Marketwatch

-Jutia Group