After positive results from JPMorgan Chase, Goldman Sachs and IBM, investors started looking to Citigroup and Bank of America to spur the optimistic rally. However, concerns remain about even the most positive of results. "Earnings from U.S. banks have been upbeat, but there are concerns that the positive results could be limited to the second quarter," said Takahiko Murai of Nozomi Securities. "Some institutions appear to hold significant bad loans, and third-quarter results may not be as encouraging."

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