18 Apr 2009

Modest gains keep Wall Street winning streak intact

9:35 am on 18 April 2009

US stocks eked out modest gains on Friday after stronger-than-expected profit reports from Citigroup and General Electric.

Wall Street's winning streak extended to a sixth week, as the Dow Jones Industrial Average edged up up 5.90 points or 0.07%, to close at 8,131.33, notching the highest close for the blue-chip index in over two months.

The Nasdaq composite added 2.63 points, or 0.16%, to a five-month high of 1,673.07 while the Standard & Poor's 500 broad-market index increased 4.30 points, or 0.50%, to 869.60, its best finish since February 9.

Upbeat earnings reports from struggling banking giant Citigroup and diversified conglomerate General Electric helped keep buyers in the market despite pressure to book profits from the six-week rally.

Late on Thursday Internet giant Google also beat expectations in its quarterly earnings report.