More evidence of US companies reporting better than expected helped Wall Street to a positive finish, though the Dow Jones missed out on beating six-weeks up in a row. However, the Nasdaq made it seven out of seven.
The Dow Jones Index put on 119 points or 1.5% to close at 8,076.29. The S&P 500 rose 1.7%, while the Nasdaq spiked 2.6%.
On the company front, Ford beat market expectations with a smaller loss. Microsoft and American Express also kicked in with good results.
Meanwhile the Fed has told the market that most US banks are well capitalised following the so-called stress tests.
At the G20 meeting, the US Treasury Secretary, Tim Geithner, told the world’s finance ministers that the US downturn was showing signs of easing.
And while the durable goods number was negative, they were only half as bad as expected.
Given the fact that US company news and economic figures are coming in better than the experts have been predicting, it’s safe to say that the experts were more negative than they needed to be!
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