Some of the figurs may be marginally off however...Dow up 50. Up...

Some of the figurs may be marginally off however...

Dow up 50. Up 64 at best. Down 65 at worst. Closed on highs in a late session rally.

SFE Futures up 59.

Dow Jones up 0.44%
S&P500 up 0.03%.
Nasdaq down 1.28%.
8 stocks up for every 7 down.
Dow up 3.57% for the week – pulled out of bear market territory (less than 20% off highs).
Financials up 2.2% - up 11.4% for the week. Still down 29% year-to-date.
Resources flat/down.
Oil price down - Nymex down 41c to $128.88. 4th fall on the trot. Oil stocks mostly up though. GM up 2.6% as it reassured about its capital position.
Crude down 11.4% for the week – biggest weekly drop ever – down $16 over 3-days. Still up 40% for the year.
Treasury secretary Paulson said the banking system is sound but that more failing banks are likely to join the list. He said higher oil prices would prolong the downturn. Congress vote Wednesday on his 3 point plan to support Fannie and Freddie.
Treasuries down 26bps – yield up to 4.09% - due to rotation into equities.
Results so far have been better-than-expected – Bloomberg tallies show 91 companies have reported on the S&P500 – 73% have beat expectations, 3% were in-line and 24% missed expectations. Earnings are down 21.4% on a year ago. Stripping financials out of the equation, the 66 companies having reported earnings up 12.7% on last year.
UK market responded to the lift in financials the day before. Barclays up 20%, RBOS up 18%, Lloyds up 10%.
UK Housebuilders also saw impressive gains – Taylor Wimpey up 12%, Barratt up 19%. US Housebuilders mostly down.
VIX Volatility index down 3.84% to 24.05.
Oil price down $0.49 to $128.94.
Bonds down with the 10 year yield up to 4.0839%.
Gold price down $12.70 to $958.00.

Companies

Citigroup lifted financials by posting a 2Q smaller-than-expected loss – write downs only $2.5bn instead of the $3.7bn expected – up 7.7%.

Fannie Mae and Freddie Mac helped sentiment by assuring their capital positions exceed regulatory requirements. Freddie told its regulator it would raise $5.5bn in new capital in the future but not now, and Fannie said its capital position is well above the 20% mandatory target capital surplus. Fannie up 22.6% and Freddie up 10.2%.

Washington Mutual up 18%. They have results this week.
IBM exceeded 2Q estimates – up 2.7%.
Schlumberger beat expectations– up 3.7%.
Honeywell International posted 2Q earnings up 18% - surpassed forecasts – but stock fell 0.39%.
Merrill Lynch reported 2Q losses higher than expected – lost $4.7bn instead of the $2bn expected – but turned its 6% after hours fall into a gain of 0.59% on the day.
Advanced Micro Devices reported disappointing earnings – down 12.3%.
Google down 9.8% on results.
Microsoft down 6.03% on results and the comment that “customers are looking at every cent they spend”.
Mattel the toymakers 2Q result was cut in half but still beat expectations – up 13%.
Israeli drug maker Teva Pharmaceutical Industries said they’d buy US Barr Pharmaceuticals for $7bn – Barr up 11%.

Main results in the US this week:

Washington Mutual
Bank of America
Wachovia
Apple
Yahoo!
Texas Instruments
American Express
Merck and Co.
United Parcel Services
Boeing
McDonalds
Pepsi