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A third driver Tuesday was optimism about companies' financial performances as we begin earnings season.
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The pharmaceutical companies Bayer and Sanofi-Aventis, as well as the automaker Hyundai Motor, began earnings reports worldwide with upbeat results, sending stocks higher overseas before markets opened in the United States.
Banks begin reporting earnings next week, and many of those shares, including Bank of America, Goldman Sachs and JPMorgan Chase, were lower.
The Continent's major financial institutions will begin reporting earnings next week, and analysts will be waiting to see if they will follow UBS's lead in announcing major changes in response to these pressures.
They are due to begin reporting earnings this week, and the numbers are likely to leave investors as frustrated as ever, making the banks even more desperate to impose new charges on consumers' accounts and rack up bigger trading profits.
While the numbers will not be known until after the third quarter ends and financial companies begin reporting earnings in October, the pace of trading this summer was slow even by normal summer standards.
EARNINGS SEASON ARRIVES Banks began reporting earnings this week.
Corporations began reporting earnings this week for the second quarter, which ended 11 days ago.
The work protest came just as major companies in the United States began reporting earnings for the fourth quarter of 1999, a busy time for financial news companies.
Stocks gained for a second straight week as companies began releasing earnings reports, keeping the Standard & Poor's 500-stock index within a fraction of its highest level in five years.
Investors will get their best glimpse yet of the new financial landscape — known as the New Normal in banker-speak — when JPMorgan Chase begins the earnings season on Wednesday.
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