Nearly 70% Of S&P Earnings Results Beat Analysts’ Expectations

Japanese stocks jumped, sending the Nikkei 225 Stock Average to a near four-month high.  Key to this optimism includes forecasts from Fujitsu Ltd. and Canon Inc.

April collectively revealed the DJIA soared 7.4%, the NASDAQ 12.4%, and the S&P 9.4%, pushed higher by a 19.8% rise in financials. On a dollar basis, the gain in Dow Jones shares results into a 12% gain, the record since 1991 when record keeping began.  The S&P also fared well in April, rejoicing in its largest monthly increase in 9 years and now stands 29%higher than its March 9 closing low; the NASDAQ gain proved its best in six. Crude prices soared 18.5% despite record high inventory levels as demand prospects for the second half improved

Nearly 70% of the S&P earnings results reported ahead of analysts’ projections. Thursday’s mixed market action betrayed disappointment in results from ExxonMobil (XOM), downside 2009 guidance from Procter & Gamble (PG), a dividend cut from Black and Decker (BDK) - a trilogy of Street concern: earnings, outlook and payout. However, Dow Chemical (DOW) offered the palliative of a profit in the quarter, a surprise that added 18% to the shares.

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