StackerKen
12th April 2010, 03:31 PM
APRIL 12, 2010, 5:45 P.M. ET
http://online.wsj.com/article/SB10001424052702303828304575179472619135694.html?m od=WSJ_Markets_LeadStory
Stocks rose, prompting the Dow Jones Industrial Average to close above 11000 for the first time since September 2008, with Caterpillar, Alcoa and Chevron in the lead.
The Dow climbed 8.62 points, or 0.08%, to 11005.97, its highest close since Sept. 26, 2008. Caterpillar was the measure's best performer, up $1.46, or 2.2%, to 66.73, after Baird upgraded its investment rating on the industrial giant's stock to "outperform" from "neutral." The firm cited higher machinery production rates and an expected increase in global mining capital spending.
The Dow Jones Industrial Average closed above 11000 for the first time since late-September 2008 amid hopes for a strong earnings season and weakness in the dollar.
The blue-chip measure edged up 8.62 points to end at 11005.97, helped by a 1.3% gain in component Alcoa. The aluminum maker's quarterly earnings announcement is expected shortly and will mark the symbolic start of the the broader profit-reporting on Wall Street.
While the Dow managed to pierce 11000, the S&P 500 faltered around a key level. The broad index hit an intraday high less than a point from 1200 before ending at 1196.48, up 0.2% amid gains in six of its 10 sectors.
Optimism about the earnings season has been simmering for weeks, fueling major averages to new 18-month highs. At the same time, however, they've often seemed to struggle around milestones, with some traders taking short-term profits ahead of breakthroughs to new levels.
Reuters
"Company by company, things seem to be pretty good and improving, but on the macro level there are still big concerns out there," said John Apruzzese, a partner and portfolio manager at Evercore Wealth Management. "You still have concerns about government debt, unemployment, and issues with the euro and Greece, even though that seems to be partially resolved."
http://online.wsj.com/article/SB10001424052702303828304575179472619135694.html?m od=WSJ_Markets_LeadStory
Stocks rose, prompting the Dow Jones Industrial Average to close above 11000 for the first time since September 2008, with Caterpillar, Alcoa and Chevron in the lead.
The Dow climbed 8.62 points, or 0.08%, to 11005.97, its highest close since Sept. 26, 2008. Caterpillar was the measure's best performer, up $1.46, or 2.2%, to 66.73, after Baird upgraded its investment rating on the industrial giant's stock to "outperform" from "neutral." The firm cited higher machinery production rates and an expected increase in global mining capital spending.
The Dow Jones Industrial Average closed above 11000 for the first time since late-September 2008 amid hopes for a strong earnings season and weakness in the dollar.
The blue-chip measure edged up 8.62 points to end at 11005.97, helped by a 1.3% gain in component Alcoa. The aluminum maker's quarterly earnings announcement is expected shortly and will mark the symbolic start of the the broader profit-reporting on Wall Street.
While the Dow managed to pierce 11000, the S&P 500 faltered around a key level. The broad index hit an intraday high less than a point from 1200 before ending at 1196.48, up 0.2% amid gains in six of its 10 sectors.
Optimism about the earnings season has been simmering for weeks, fueling major averages to new 18-month highs. At the same time, however, they've often seemed to struggle around milestones, with some traders taking short-term profits ahead of breakthroughs to new levels.
Reuters
"Company by company, things seem to be pretty good and improving, but on the macro level there are still big concerns out there," said John Apruzzese, a partner and portfolio manager at Evercore Wealth Management. "You still have concerns about government debt, unemployment, and issues with the euro and Greece, even though that seems to be partially resolved."