Markets to Be Choppy Ahead of Options Expiration
Four days of gains have brought the S&P 500 up 6.59% this week to price levels that are testing 2009 highs. Stocks may look to continue this trend after better than expected earnings releases this morning. Following positive reports earlier in the week from Goldman Sachs and JP Morgan, Bank of America announced that they profited $3.4 billion, or 72 cents a share, in Q2, against expectations that it would gain just 28 cents per share.
Earnings from General Electric were also better than predicted, those revenue fell more than anticipated. GE earned $2.9 billion, or 26 cents a share, in Q2, a drop of 47% since Q2 2008, but higher than the median forecast of 23 cents per share. Revenue declined 17% to $39.1 billion, lower than forecasts for $42.2 billion.
Just a few minutes ago, Citigroup said its Q2 profits were bolstered by the sale of Smith Barney. The bank’s quarterly profits were $4.3 billion, or 49 cents per share â€
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