LONDON (ShareCast) - DOW: 0.89%
S&P 500: 0.69%
NASDAQ: 0.65%

Wall Street has had a strong morning as several major companies reported better than expected results, expectations grew that funding for the International Monetary Fund would be boosted and a survey of German business confidence surprised on the upside.

At a meeting of finance ministers from the G20 in Washington Russian representative Sergei Storchak indicated more money would be made available to the IMF as it seeks to increase its reserves in response to continuing concerns over European debt.

The closely watched IFO Institute business climate index, which surveys over 7000 German executives, rose for the sixth month in a row to 109.9 in April from 109.8 in March. Analysts had been expecting a drop so this had a significant impact on indices.

COMPANIES

Microsoft reported first quarter earnings ahead of expectations as sales of Windows and Office software remained strong despite the upcoming release of Windows 8. By 12:47 the stock had gained 5.7%.

Engineering and electrical giant GE rose 1.9% as it reported stronger than expected profits.

Oilfield servicing firm Schlumberger rocketed 4.2% on news first quarter profits were 38% ahead of the prior year.

OTHER MARKETS

Front month futures contracts on a barrel of west Texas crude were up 1.5% by 12:32 at $103.78 / barrel.

The dollar had dropped 0.57% against the euro by 12:49 to sit at $1.3213 per euro.

BS

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