Merrill Lynch enjoys record profit rise

Merrill Lynch have said that its second-quarter net profit rose 61%, smashing Wall Street's earnings estimate because of solid fixed-income trading profits and its retail clients' renewed zeal for the stock market.

Merrill Lynch earned $1.02bn (€907m), or US$1.05 a share, compared to the $634m (€564m), or 66 cents a share, a year ago.