Stocks Closed Higher, Boosted by Earnings

U.S. stocks climbed on Monday and recouped some of the heavy losses from last week’s rout, as companies including Berkshire Hathaway reported results. The Dow Jones Industrial Average added 75.91 points, or 0.46%, to 16,569.28. The S&P 500 gained 13.84 points, or 0.72%, to 1,938.99. The Nasdaq Composite rose 31.25 points, or 0.72%, to 4,383.89.
Berkshire Hathaway Inc. (NYSE:BRK.A) recently came out with results which were better than analysts’ expectations. Q2 operating earnings per Class A equivalent share of $2,634 beats by $149. Net earnings per Class A equivalent share of $3,889 .Revenue of $49.76B.

American International Group, Inc. (NYSE:AIG) today reported net income attributable to AIG of $3.1 billion for the quarter ended June 30, 2014, compared to $2.7 billion for the second quarter of 2013.

Banks are seeing broad-based demand for loans but are not altering their standards in a major way, a Federal Reserve survey released Monday showed. The survey of 75 domestic and 23 foreign banks operating in the U.S. shows that banks are responding by continuing to slowly ease standards for various commercial and industrial loans.