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Stocks slipped as the bank rally that has stretched four sessions appeared to fizzle ahead of Wachovia's report. Merck fell following disappointing results from a cholesterol-drug study.
The dollar slipped on Monday, losing some of its recent momentum, after better-than-expected earnings from Bank of America failed to convince investors that the worst for the U.S. financial sector is over.
Gains in financial stocks lifted European shares on Monday as markets cheered Bank of America's stronger-than-expected quarterly results, while declines in Roche offset some of the gains.
As of this morning, 93 (just under 20%) of the S&P 500 companies have reported earnings. Here's a look at which companies have had the biggest surprises so far...
Stocks advanced, led by a fourth straight rally in bank stocks after Bank of America beat expectations. News of a potential pharma deal also gave the market a boost.
Bank of America's quarterly profit fell less than expected despite a surge in bad loans, causing shares of the largest U.S. retail bank and mortgage lender to soar.
This past Saturday marked the one-year anniversary of the Dow Industrials’ first close above 14,000. Needless to say, it has been quite a ride for the Dow since it first reached that milestone; the Dow continued to establish new all-time highs into October before falling to 2-year lows this month.
Citigroup said on Monday that Vice Chairman Michael Klein would leave the largest U.S. bank by assets to pursue other opportunities.
Asian markets surged Monday, helped by a smaller-than-expected loss at Citigroup that provided comfort about the financial sector's stability ahead of more results this week from banks and industrial companies. Both South Korea and Australia gained over 3%.
A large U.S. union has urged Citigroup to break itself up, saying the bank had become "too big and unwieldy to properly oversee."
European stocks were set to inch higher on Monday, extending a three-session rally, as investors brace for a flurry of corporate earnings from U.S. bellwethers such as Apple , Merck and Bank of America.
Stocks finished the day mixed, as disappointing earnings from Microsoft and Google dragged down techs, but gained 3.6 percent for the week, helped by a rally in bank stocks and a sharp drop in oil prices. Oil ended the week down 11 percent at $128.88 a barrel.
The Dow closed with fresh gains Friday due to a smaller-than-expected loss from Citigroup and the biggest weekly dollar drop ever in oil prices. What's the "Word on the Street?"
For the week ending Friday, July 18, 2008, the U.S. markets saw extreme volatility yet settled higher on better-than-expected earnings results, a pullback in crude oil, and an indication that the Fed will hold interest rates steady. Nonetheless, the Dow had its best week since April 18 and its best 3-day percent gain since March 2003 even after closing below 11,000 for the first time since July 2006.
I know, it wasn't exciting, but exciting wasn't what most traders were looking for. After a wild week, a quiet stable day was fine. There was no concerted attempt to sell off financials, and that is why it was a successful day for bulls.
Stocks turned mixed Friday as banks rebounded and Google and Microsoft slammed techs.
Investors interested in buying and selling U.S. bank stocks based on the performance of the underlying businesses might well have gone on holiday this week -- and might stay there next week.
Waiting for a market expert to recommend financial stocks? Wait no longer. Wendell Perkins has banks on his shopping list.
To help investors prepare their portfolios before the weekend, CNBC asked the experts for their best trades now.
European shares rallied Friday as Citigroup's results gave a boost to bank stocks. Euro stocks gained 3.2 percent for the week.