Earnings, energy give stocks a boost
NEW YORK -- Stocks resumed their advance after investors got the numbers they wanted from first-quarter earnings reports.
The Dow Jones industrial average rose Tuesday for its eighth gain in nine days. Broader indexes posted bigger percentage increases after a mixed finish Monday.
Investors set aside some concerns about the government's civil fraud case against Goldman Sachs and looked to profit numbers. Beyond those reports, a bounce in the price of crude oil after a two-week slide helped energy stocks.
Goldman's profit from trading soars
NEW YORK -- Goldman Sachs said Tuesday its first-quarter earnings almost doubled to $3.3 billion as its trading business again surpassed the rest of the financial industry. A top lawyer for the bank, which is facing civil fraud charges, said Goldman would "never intentionally mislead anyone."
Goldman Sachs Group Inc. earned $5.59 a share on revenue of $12.78 billion as bond, commodities and currency trading buoyed its profits for yet another quarter. That was well above expectations of analysts.
It was Goldman's second-most profitable quarter since going public in 1999. In the fourth quarter, Goldman Sachs earned a record $4.79 billion.
Apple dials up fat profit from iPhone
SEATTLE -- Blockbuster iPhone sales helped Apple blow past Wall Street's expectations with a 90 percent leap in net income for the most recent quarter. Apple said it sold nearly 9 million of its popular smart phones in the three months that ended March 27, more than double from a year ago.
Peter Oppenheimer, Apple's chief financial officer, said Apple sold more iPhones than in any previous quarter.
SEC's chief vows to rein in large banks
WASHINGTON -- The chairman of the Securities and Exchange Commission on Tuesday pledged better oversight of the nation's largest banks after noting the agency failed to spot accounting tricks that led to the collapse of Lehman Brothers.
Chairman Mary Schapiro told a congressional panel that the agency has sent letters to 19 banks seeking information about whether they are using accounting tricks that a bankruptcy examiner said led to Lehman's demise.
Schapiro, who was not with the SEC at the time, said the agency is scrutinizing Lehman's use of the accounting move.
EADS to propose solo bid on tanker
WASHINGTON -- A European defense contractor said Tuesday it will make its own bid for the U.S. Air Force's long-delayed $35 billion contract to build a fleet of new refueling jets after its U.S. partner dropped out.
The European Aeronautic Defence and Space Co., known as EADS, opens a new chapter in the bitterly disputed and politically sensitive Pentagon effort to replace its aging fleet of KC-135 refueling tankers.
EADS is challenging Boeing Co. for the right to build 179 new planes for the Air Force. EADS' one-time American partner, Northrop Grumman Corp., backed out earlier this year after saying the project unfairly favored U.S-based Boeing.