Share prices closed sharply higher, with the DJIA ending above 10,000 points and the Nasdaq composite finishing above 2,000 for the first time in months, after the NAPM's non-manufacturing index for the services industry indicated that the sector expanded last month, countering the overall recessionary trend, dealers said.

Cisco Systems has posted a first-quarter net loss of $268m.

Eastman Kodak is cutting between 3,500 and 4,000 more jobs - that's up to 5.1% of its workforce.

Net income fell 40% at JP Morgan Chase & Co in the first quarter compared with the same period a year earlier, but the results soundly beat analysts' expectations.

Coca-Cola has reported first quarter earnings ahead of forecasts, but lowered its sales projections for this year and next.

Tim Koogle is stepping aside as chief executive of struggling Yahoo! Inc, although he will stay on as chairman.