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Goldman Sachs results lift Wall St

Tuesday, October 16 16:31:18

U.S. stocks rose today as stronger-than-expected quarterly earnings from such bellwethers as Goldman Sachs and Johnson and Johnson alleviated concerns about the slowing global economy.

Dow components Johnson and Johnson and UnitedHealth Group, both raised their full-year profit views while Goldman Sachs boosted its dividend.

J and J, the diversified healthcare company, rose 0.7 percent to $69.11 while UnitedHealth, the largest health insurer, fell 0.4 percent to $57.24 after rallying in premarket trading.

Goldman shares slipped 0.5 percent to $123.63 after posting earnings that beat expectations and revenue that more than doubled.

"Not only have the Dow components done very well today, but Goldman is extremely positive," said Adam Sarhan, chief executive officer at Sarhan Capital in New York. "That a financial is able to have results like that in this kind of low-growth environment bodes well for the economy as a whole."

The Dow Jones industrial average was up 59.80 points, or 0.45 percent, at 13,484.03. The Standard and Poor's 500 Index was up 6.30 points, or 0.44 percent, at 1,446.43. The Nasdaq Composite Index was up 9.94 points, or 0.32 percent, at 3,074.12.

Coca-Cola Co also reported a rise in earnings, but quarterly revenue came in short of Wall Street expectations, hurt by declines in Europe and Asia. Its shares fell 1 percent to $37.59.

Citigroup unexpectedly announced that Chief Executive Vikram Pandit had resigned effective immediately, along with Chief Operating Officer John Havens. Michael Corbat, previously chief executive for Europe, Middle East and Africa, was named to succeed Pandit. (C ) Reuters