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July 24, 2008 11:33:11 PM CDT

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Strong Earnings Propel Rally

Posted Apr 18, 08 3:22 PM CDT in Business 

(Newser) – Stocks rallied to weekly gains today as the markets absorbed last night's strong earnings report from Google and industrial multinationals Caterpillar and Honeywell recorded unexpected first-quarter growth, Bloomberg reports. Google propelled the Nasdaq up 61.14 to close at 2,402.97. The Dow rose 228.87 to 12,849.36, and the S&P 500 climbed 24.77 to 1,390.33. All the indices saw 4%-5% weekly gains.

Caterpillar and Honeywell said their earnings rose 13% and 22%, respectively, in the first quarter. Following the pattern of Merril Lynch and JP Morgan, who rallied this week after reporting bad-but-contained first-quarter losses, Citigroup’s stock rose 7.7% despite a dismal Q1 report because the bank performed better than the gloomiest predictions.

Sources: Bloomberg, MarketWatch, Wall Street Journal

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Caterpillar heavy machinery is lined up at Milton Cat in Richmond, Vt., Wednesday, April 16, 2008.   (AP Photo/Toby Talbot)
Traders move around the floor of the New York Stock Exchange in the minutes before the closing bell in this undated file photo.   (AP Photo/Richard Drew)
A Citibank sign is shown in New York in this Nov. 27, 2007 file photo.   (AP Photo/Mark Lennihan, file)
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Google  • S&P 500  • Nasdaq  • Dow Jones Industrial Average  • Citigroup  • first quarter earnings  • Caterpillar  • Honeywell


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