US stocks surge before wave of company earnings

New York, July 14

US stocks rose sharply Monday ahead of a series of quarterly earnings reports from major financial and company earnings.

Financial shares drove the rally, led by Goldman Sachs after a prominent Wall Street analyst gave the bank's stock a "buy" rating.

Goldman Sachs, JPMorgan Chase, Citigroup, International Business Machines (IBM), Intel and Google headline the list of major companies set to report their second-quarter earnings in the coming days.

The rally comes as major US indices have closed lower four straight weeks, signalling fears from investors that the country's hoped-for recovery from recession could still be months away.

The gains overshadowed concerns about US lender CIT Group, which said it was seeking to join an emergency government loan programme to survive the ongoing financial crisis. Its stock plummeted more than 20 percent.

The US currency dropped against the euro to 71.49 euro cents from 71.71 euro cents on Friday. The dollar rose against the Japanese currency to 92.84 yen from 92.55 yen.

Last updated on Jul 14^th, 2009 at 06:57 am IST--DPA

Possibly related news:

Other News Headlines

Greek capital witnesses three blasts in two days

Athens, March 20

A bomb exploded outside a police detention centre in Athens Saturday, although no one was injured, Greek radio reported.

Maharajas' Express chugs out from Kolkata

Kolkata, March 20

Railway Minister Mamata Banerjee Saturday night flagged off the Kolkata-Delhi luxury tourist train Maharajas' Express from here.

Demi's tweet saves life

London, March 20

Hollywood actress Demi Moore saved a man’s life when she responded to his suicide threat on the social networking site Twitter.

Dannii Minogue enjoys being short

London, March 20

Australian pop star Dannii Minogue loves being short because it is more comfortable on aeroplanes.

Government to decide on cooking gas, kerosene price hike

Chennai, March 20

The central government will take a decision on hiking the cooking gas and kerosene prices on the lines recommended by Kirit Parikh committee, an official said Saturday.

Enter Your Name and Email below and Post your comment
Name	Email:
Comment:

Please login to use this service
Usermame :
Password :
Quick signup \| Forgot Password