17 Jul 2009

Wall St climbs after quarterly results

9:33 am on 17 July 2009

Stocks in the United States rallied for a fourth day on Thursday.

after JPMorgan's strong results fed growing optimism about the quarterly earnings season and technology shares rose in anticipation of more good news.

Gains in International Business Machines Corp helped the market shake off an earlier malaise.

IBM posted earnings that beat expectations and raised its outlook for the full year, sending its shares up 1.6% to $US112.41 in extended trade.

JPMorgan Chase & Co earlier posted a quarterly profit of $US2.72 billion - an increase of 36% on the same period last year. However, the bank's stock ended down 0.4% at $US36.13 on the New York Stock Exchange.

The Dow Jones industrial average rose 95.61 points, or 1.11%, to 8,711.82.

Standard & Poor's 500 Index gained 8.06 points, or 0.86%, to finish at 940.74. The Nasdaq Composite Index advanced 22.13 points, or 1.19%, to 1,885.03.

Volume was moderate on the NYSE with 1.18 billion shares changing hands - below last year's estimated daily average of 1.49 billion.

About 2.11 billion shares were traded on the Nasdaq - below last year's daily average of 2.28 billion.