Tuesday, April 21, 2009

Wall Street Ends Higher After Geithner Remarks Boost Banks, Citi Surges

. Tuesday, April 21, 2009

By stockOzone team

US stocks finished higher on Tuesday financial stocks got a big boost from Treasury Secretary Timothy Geithner's positive remarks.The Dow Jones Industrial Average rose 127.83 points or 1.63% to finish at 7,969.56. The S&P 500 increased 17.70 points or 2.13% to end at 850.09. The Nasdaq Composite climbed 35.64 points or 2.13% to 1,643.85.

Financial stocks rallied on Tuesday. Citigroup (NYSE: C) jumped 30 cents or 10.20% to $3.24. Bank of America (NYSE: BAC) soared 74 cents or 9.23% to $8.76. JP Morgan (NYSE: JPM) surged $2.84 or 9.57% to close at $32.53. Wells Fargo (NYSE: WFC) climbed $1.81 or 10.65% to $18.81.

Early on Tuesday, equipment maker Caterpillar Inc. (NYSE: CAT) said that its swung to a first-quarter loss of $112 million, or 19 cents a share, from a profit of $922 million, or $1.45 a share, in the year ago quarter. Revenue decreased 22% to $9.22 billion. Shares of the company rose 91 cents or 2.99% to $31.39.

Shares of drugmaker Merck & Co. (NYSE: MRK) plunged $1.68 or 6.66% to $23.54 after it reported that first quarter net income declined 57% to $1.43 billion, or 67 cents a share from $3.3 billion, or $1.52 a share, in the prior year quarter. On an adjusted basis, the company earned 74 cents a share. Quarterly revenue fell 8% to $5.39 billion.

Chemical giant DuPont Co. (NYSE: DD) gained $1.32 or 4.94% to $28.06 after it reported that its first quarter net income plummeted 59% to $488 million, or 54 cents per share, down from $1.19 billion, or $1.31 per share, for the corresponding quarter last year.

Beverage maker Coca-Cola Co. (NYSE: KO) said Tuesday that its first-quarter net income slipped 10% to $1.35 billion, or 58 cents a share, from $1.5 billion, or 64 cents a share, in the same quarter, a year ago. Adjusted net income in the latest period totaled 65 cents a share. Shares of the company fell $1.24 or 2.8% to $43.09.

Shares of United Technologies (NYSE: UTX) rallied $2.18 or 4.76% to $47.99 after it said that first-quarter profit slipped 28% $722 million, or 78 cents a share, from $1 billion, or $1.03 a share, in the year ago period.

Late on Monday, IBM (NYSE: IBM) reported that first-quarter net income fell 1% $2.3 billion, or $1.70 a share, from $2.32 billion, or $1.64 a share, in the year earlier period. Revenue declined 11% to $21.7 billion. Shares of the software giant finished at $102.31, up $1.88 or 1.87%.

Yahoo (NASDAQ: YHOO), Advanced Micro Devices (NYSE: AMD), Gilead Sciences (NASDAQ: GILD) and Texas Instruments (NYSE: TXN) report results after the closing bell on Tuesday.

European stocks settled mostly higher. The U.K. FTSE fell 3.40 points or 0.09% to 3,987.46. The German DAX and French CAC gained 0.34% and 0.15% respectively.

Asian stocks finished lower. The Nikkei 225 slumped 213.42 points or 2.39% to 8,711.33. The Hang Seng index of Hong Kong plunged 465.02 points or 2.95% to 15,285.89.

NYMEX crude oil for May delivery climbed 63 cents or 1.4% to settle at $46.51 a barrel.

Disclosure: Author does not own any of the stocks discussed here.

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