Also, Mr. Mesa noted, investors should anticipate poor earnings for most Mexican businesses for the rest of the year, when the economy is expected to shrink overall.

Before Thursday's announcement, financial analysts had anticipated earnings of 41 to 47 cents a share for the fourth quarter.

While the Street anticipates earnings of $3.40 a share in 1998, Mr. Friess expects $4 or close to it.

Analysts had anticipated earnings of 60 cents a share.

Salomon Inc. said that it anticipated full-year earnings of "slightly over $500 million" but declined to provide details.

Bonds and the dollar also rose, with traders anticipating stable interest rates, low inflation and higher corporate earnings.

Wall Street had been anticipating earnings per share of 45 to 50 cents.

LEAD: Companies Companies General Motors' chairman anticipates improved earnings this year because of cost-cutting.

"We anticipate earnings per share at the same level as 2001," said the company's chief financial officer Judy Lewent.

He anticipates earnings of $2.22 a share in 1996 and $2.65 next year, yielding earnings growth rates of 18 to 19 percent over the two years.