US stocks rise as earnings season gets underway
NEW YORK — US stocks climbed Monday as investors geared up for the start of the corporate earnings season and a week packed with economic reports.Equities investors have proved resilient to…
NEW YORK — US stocks climbed Monday as investors geared up for the start of the corporate earnings season and a week packed with economic reports.Equities investors have proved resilient to a number of shocks, from war in Libya and the earthquake disaster in Japan to a budget crisis on Capitol Hill.The major indices have recovered much of the losses from the March 2009 lows."Now it's time for the corporate sector to regain the spotlight. This doesn't mean macro events won't distract the market," said Kimberly DuBord at Briefing.com."However, in our view, it's the bright corporate picture that is the most critical to an investor's outlook."The Dow Jones Industrial Average was up 51.13 points (0.41 percent) at 12,431.10 at 1500 GMT, while the tech-rich Nasdaq Composite added 2.55 points (0.09 percent) at 2,782.97.The S&P 500-stock index, a broad measure of the markets, advanced 3.53 points (0.27 percent) to 1,331.70.Dow component Alcoa unofficially kicks off the first-quarter earnings season after the market closes. Shares in the aluminum giant were up 0.67 percent at $18.04.Andrea Kramer at Schaeffer's Investment Research said that Wall Street sentiment was finding support from "a round of buyout announcements."Endo Pharmaceuticals surged 5.7 percent to $43.17 after announcing it would buy American Medical Systems for $2.9 billion, including debt. AMS soared 32.1 percent to $29.50.Internet provider Level 3 Communications said it is acquiring networking company Global Crossing in a stock deal valued at $3 billion. Level 3 leaped 11.5 percent to $1.60, while Global Crossing skyrocketed 57.4 percent to $23.29.Investors will have a full economic calendar to digest this week, including the trade balance on Tuesday, followed by retail sales on Wednesday and key inflation numbers on Thursday and Friday.On Wednesday the Federal Reserve is set to publish its periodic Beige Book assessment of the regional economies.The Wall Street action came after stocks ended last week on a weak note.On Friday, President Barack Ob
last modification 2011-04-11 17:45:57
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