Strong earnings power US stocks rebound; IBM gains

(Reuters) - U.S. stocks rose sharply on Thursday as large-cap companies such as IBM and Honeywell International Inc. reported earnings that beat forecasts, shifting investors' focus back to corporate profits and away from subprime credit worries.

International Business Machines Corp., the world's largest technology services company, also raised its 2007 earnings forecast late on Wednesday. For details, see ID:nN18415715. Manufacturer Honeywell posted a 17 percent rise in profit. ID:nN19374753.


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U.S. Stocks Advance After Manufacturing Growth Accelerates; Costco Surges

(Bloomberg) -- Faster-than-expected growth in
manufacturing ignited the U.S. stock market on July's first
trading day, extending the best second-quarter advance for the
Standard & Poor's 500 Index since 2003.

Costco Wholesale Corp. climbed to a record after Goldman,
Sachs & Co. advised buying the shares, helping push the Nasdaq
Composite Index to a six-year high. Caterpillar Inc., United
Technologies Corp. and Honeywell International Inc. carried the
Dow Jones Industrial Average to its first gain in three days.


Read more at Bloomberg Stocks News