Date: Friday 23 Jul 2010
US stocks made more gains as investors reacted positively to the European banking stress tests.
Seven banks failed the European stress tests but they were at the smaller end of the sector. Hypo Real Estate was the only German bank to fail. Ninety-one European banks were covered by the tests. All of the major banks passed with flying colours.
The US government's pay czar’s report, meanwhile, showed 17 companies made $1.6bn in "ill-advised payments" during the financial market crisis.
Across the markets, the Dow closed 102 points higher at 10,424, with the S&P eight points higher at 1,102. Nasdaq was 23 points up at 2,269.
On the earnings front, fast food giant McDonald’s reported a 12% rise in second quarter profits to $1.23bn, or $1.13 a share. Global comparable sales rose 4.8%.
Ford’s profit rose to $2.6bn in the latest quarter on revenues of $31.3bn. The figures were slightly better than forecasts.
Honeywell International made $468m in the quarter from $450m in the year-earlier period and boosted its full-year forecast.
Verizon Communications, meanwhile, swung into a loss of $198m in the same period compared with a profit of $1.48bn a year ago due to costs related to its redundancy programme.
Seven banks failed the European stress tests but they were at the smaller end of the sector. Hypo Real Estate was the only German bank to fail. Ninety-one European banks were covered by the tests. All of the major banks passed with flying colours.
The US government's pay czar’s report, meanwhile, showed 17 companies made $1.6bn in "ill-advised payments" during the financial market crisis.
Across the markets, the Dow closed 102 points higher at 10,424, with the S&P eight points higher at 1,102. Nasdaq was 23 points up at 2,269.
On the earnings front, fast food giant McDonald’s reported a 12% rise in second quarter profits to $1.23bn, or $1.13 a share. Global comparable sales rose 4.8%.
Ford’s profit rose to $2.6bn in the latest quarter on revenues of $31.3bn. The figures were slightly better than forecasts.
Honeywell International made $468m in the quarter from $450m in the year-earlier period and boosted its full-year forecast.
Verizon Communications, meanwhile, swung into a loss of $198m in the same period compared with a profit of $1.48bn a year ago due to costs related to its redundancy programme.
Oil services provider Schlumberger increased its second quarter profit by one-third but the market was disappointed. Amazon.com’s figures were below expectations with costs increasing by 40%. E*Trade reported its first quarterly profit for three years.
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