US stocks finished higher for the fourth consecutive session yesterday, the longest streak in six weeks. Investors were buoyed by comments from leading economist Nouriel Roubini, who said the worst is past in terms of economic and financial conditions.
The Dow Jones gained 95.61 points to close at 8,711.82 while the S&P 500 added 8.06 points to end at 940.74. The Nasdaq rose 22.13 points to finish at 1,885.03.
JPMorgan Chase followed on from Goldman Sachs better than expected results earlier in the week. The bank reported a profit of $2.7 billion, despite a one-time reduction to earnings related to paying back the government's TARP money. However, shares slipped 0.4% lower after the company warned of deteriorating consumer credit.
A number of tech stocks were in focus, including IBM, which rose 3.2% in normal trade ahead of its quarterly results. After the close the economic bellwether topped estimates as well as raising its full year earnings forecast to $9.70 per share from $9.20. Google also reported after the bell, but investors were dismayed that revenue was not as higher as expected even though profit topped estimates. Elsewhere, Qualcomm rose 1.4% after RBC Capital Markets started coverage of the cellphone chip supplier with an "outperform" rating.
US light crude oil for August delivery added $0.48 to $62.02 a barrel. COMEX gold for August delivery slipped $3.70 to $935.40 an ounce. Treasury prices went higher, lowering the yield on the 10 year note to 3.57% from 3.6%.
The Nikkei rose 51.16 points to close at 9,395.23 this morning. Property developers lifted the index after Barclays raised their rating on the sector Positive. Nomura Holdings led brokerages higher after the Nikkei said investment banking revenue is rebounding.
The Hang Seng is currently 320.82 points higher at 18,682.69, taking its weekly gain to 5.5%. Analysts at Goldman Sachs boosted the index after saying profits in the country will stage a "strong" recovery.
The FTSE 100 is currently 24.51 points higher at 4,386.35. British Airways is in focus after announcing a plan to raise £600 million through a bond issue. The airline is currently 2.6% higher. Bunzl top the fallers after Bank of America Merrill Lynch cut its rating on the stock to Neutral. In contrast BG Group adds 2.1% after being upgraded by Goldman Sachs. Old Mutual rises 2.1% after appointing Kuseni Dlamini as CEO for South Africa to succeed Paul Hanratty.