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Saturday, July 18, 2009
U.S. Stocks Post Biggest Gain Since March, End Four-Week Slump
July 18 (Bloomberg) -- U.S. stocks rose, propelling the Standard & Poor’s 500 Index to the biggest weekly advance since March, after Goldman Sachs Group Inc. and Intel Corp. beat analysts’ estimates and reports on manufacturing and retail sales signaled the economy is improving.
Goldman Sachs surged 11 percent to the highest price since September after reporting record profit of $3.44 billion. Also, analyst Meredith Whitney gave the bank the only “buy” rating among eight companies she covers. Intel, the world’s biggest chipmaker, added 17 percent and completed a seven-day rally as it reported twice as much profit as analysts forecast. (more)
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