Financial stocks up in mixed day on Wall Street

April 14th, 2009 - 8:07 am ICT by IANS  

New York, April 14 (DPA) A banking rally has helped US stocks make limited gains after mixed trading which began with poor earnings forecasts from planemaker Boeing Co and energy giant Chevron Corp.
Financial stocks climbed 4.8 percent Monday, led by Citigroup Inc and Bank of America Corp as many in the sector prepared to release quarterly earnings this week.

Goldman Sachs Inc reported a $1.66-billion profit soon after market closed and indicated it would sell shares to raise money to repay a $10-billion emergency loan it received from the government at the height of the financial turmoil in October.

A record $3-billion profit last week from Wells Fargo has fueled investor hopes that the financial crisis may be nearing an end.

But other sectors struggled. Boeing Co and Chevron both lowered their forecasts for first-quarter earnings. Shares of Exxon Mobil Corp also dropped on the day.

The blue-chip Dow Jones Industrial Average was down 25.57 points, or 0.32 percent, to 8,057.81. The broader Standard & Poor’s 500 Index gained 2.17 points, or 0.25 percent, to 858.73. The technology-heavy Nasdaq Composite Index inched up 0.77 points, or 0.05 percent, to 1,653.31.

The US currency dropped against the euro to 74.78 euro cents from 75.95 euro cents Thursday. The dollar edged lower against the Japanese currency to 100.13 yen from 100.36 yen.

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