Another week goes by, and world markets put more distance between current levels and the lows of March. The broad S&P 500 managed to register its sixth positive week on the trot, something that would have seemed impossible just a month ago. Leading the charge has been the resurgent financial sector with major US banks beating analysts’ estimates with their latest earnings announcements. Wells Fargo, Goldman’s, JP Morgan and Citi Group all surprised to the upside, though many have questioned the sustainability of these results, with government bailouts and accounting changes playing a significant role in some of the outperformance. For example, some questioned the ‘orphaned’ month in Goldman’s earnings, as they switched their accounting period from December to January.

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admin :: Apr.20.2009 :: Uncategorized :: No Comments »