Goldman Sachs earnings boost US stocks

US stocks edged up Tuesday after Goldman Sachs posted surprising quarterly earnings and retail earnings rose by the most since January.

Goldman Sachs overwhelmed Wall Street expectations, earning $2.7 billion in the second quarter of the year despite the ongoing economic crisis, its best performance since a record year in 2007.

But financial stocks as a group actually fell slightly on the day. Other major US banks are set to report their quarterly earnings in the coming days.

Retail sales climbed 0.6 percent in June, offering another sign that the US economy may be stabilizing after its worst recession in decades.

The US currency crept up against the euro to 71.6 euro cents from 71.49 euro cents on Monday. The dollar rose against the Japanese currency to 93.53 yen from 92.84 yen.